More filings Recorded in August Than July
Eugene, Ore. (Sept. 11, 2015) — The dog days of summer are over. School has started, college football season kicked off and August foreclosure filings in the 23 Oregon counties monitored by Gorilla Capital made an easy transition from summer to fall with a 8% increase in filings compared to July.
“We will see modest increases in foreclosure filings over the next few months,” said John Helmick, president of Gorilla Capital. “Total monthly filings have stayed between 600 and 700 since early winter, however, while the month to month numbers look modest, year to date, Oregon is close to 40% ahead of last year in the number foreclosures filed.”
Judicial foreclosures filings increased 13% in August compared to July: 431 to 383. Six more non-judicial foreclosures were filed in August than in July, 265 to 259, a 2% increase. Overall, foreclosure filings last month increased a modest 5% compared to August 2014 of 696 to 663.
‘The reason we see fewer non-judicial foreclosure filings is due to well-intention state legislation passed two years ago that pushes borrowers and lenders into a cumbersome legal maze instead of directing them to the more efficient non-judicial option,” Helmick said. “Unless legislation is modified in the 2016 state legislative session, the foreclosure crisis in Oregon will continue longer than necessary with non-judicial filings continuing to tumble and the longer judicial process will tie-up courts with a growing group of borrowers and lenders waiting to move on from the recession into the recovery.”
Helmick also reports that 100% of the houses Gorilla bought during August in Oregon were Zombie or vacant homes. “That is a big part of what we do,” he said. ‘We buy the Zombie house that has been vacant for years with little or no care and remodel it so it can be sold to a family who breathes life into the house, creating a home and improving a neighborhood.”