Foreclosure Filings Fall With The Season

Foreclosure Filings Still Nearly 40% Ahead of 2014

Eugene, Ore.  (Oct. 14, 2015) — Like the leaves falling from the trees, the total number of foreclosure filings in the 23 Oregon Counties monitored by Gorilla Capital during September dropped 5% compared to August.

While foreclosure filings in 21 of 23 Oregon Gorilla Counties decreased for the month, Marion and Washington counties experienced steep increases of 68% and 38%, respectively.

“The reason Marion and Washington counties had such big increases in foreclosure filings is due to the slow state foreclosure process,” said John Helmick, president and CEO of Gorilla Capital. “Regardless, lenders and borrowers closed the door on these properties, adding to the healing of the economy in their counties and statewide.”

Overall, there were 688 total foreclosures in Gorilla’s Oregon counties compared to 728 in August, 642 in July and 702 in June.  Judicial foreclosures reached 434 in September compared to 463 in August.  Non-judicial foreclosure filings were at 254 and have remained flat while hovering between 240 and 260 since a high of 300 was recorded in January.

“Total foreclosure filings have stayed close to 700 each month since April,” Helmick said. “While the number of houses reaching the judicial or non judicial foreclosure process remains constant, it is still anyone’s guess how many more are waiting to enter the Oregon foreclosure pipeline. I believe that foreclosure filings will remain steady throughout the rest of the year with the annual filing dip for the holiday season, followed by January’s holiday hang-over.”

With Halloween in the next few weeks, neighborhoods will have fewer Zombies or vacant houses. Sixty-eight percent of the houses Gorilla purchased company-wide in September to remodel and sell were Zombie homes.

“When a Zombie house is sold, it becomes a home, again,” Helmick said.  “In October, that means more trick or treaters and year round it means a healthier community.”

Oct NR Bar Graph

You can watch a short summary video of the press release here.