FORECLOSURE FILINGS FLATTEN OUT IN MAY

June 16, 2014 

Contact:  
Ally Leavitt, Gorilla Capital, (541) 344-7867, ally@GorillaCapital.com

EUGENE, Ore. – For the first time in four years the total number of foreclosures filed in the 20 Oregon counties tracked by Gorilla Capital remained flat. Non-judicial (NODS) and judicial (court) foreclosure totals stayed the same in May as the previous month at 656. Overall, foreclosure filings in May and April increased by 13% compared to March. Eighty-three percent of the homes purchased by Gorilla Capital in Oregon during May were vacant or Zombie Homes.

“After four consecutive months of increased foreclosure filings, the market threw a curve ball,” said John Helmick, CEO of Gorilla Capital. “I do not believe the flat activity is a sign the foreclosure crisis is closer to the end. However, I suspect more borrowers are in limbo and stuck somewhere in the Oregon’s pre-foreclosure processes. Foreclosures filings will, once again, increase as the mandatory pre-foreclosure timeframes expire and borrowers make it through the state-mandated processes.”

Prior to May, judicial foreclosures had increased in the four previous months. There were fewer judicial foreclosures filed in May as compared to April, 490 versus 524. April still holds the record for the highest number of judicial foreclosure filings since state mediation laws went into affect in August 2013.  There were 488 judicial foreclosures filed in March, 296 filed in February, and 286 in January.

Non-judicial (NOD) filings continued to increase in May to 166 from 132 in April. By comparison, there were 92 NODs filed in March, 99 in February and 87 in January.  The 166 NODs filed in May were the highest total since May 2013.

May 2014 Foreclosures – Oregon Counties