Filings in July Lead Annual Summer Decline
Eugene, Ore. (Aug. 13, 2015)— In many areas the residential real estate market is heating up, interest rates remain low, and there are 43% more foreclosure filings in the 23 Oregon counties monitored by Gorilla Capital than there were one year ago.
“We are all pleased with increasing home values and lower interest rates, but the foreclosure wound inflicted by the recession is not healed in Oregon,” said John Helmick, president of Gorilla Capital. “Foreclosure filings should not be ignored, as they continue to be a nagging Achilles heal to the state’s economic recovery.”
Oregon counties experiencing the greatest increase in foreclosure filings compared to last year are: Yamhill (132%), Jefferson (68%), Washington (63%), Curry (62%), and Coos (58%). Conversely, foreclosure filings have decreased 63% in Crook County.
“A slow foreclosure process has kept many borrowers and lenders in foreclosure longer than might have happened had the state not changed the filing process two years ago,” Helmick said. “It is still hard to know how many homes are waiting to enter the foreclosure pipeline. But it is encouraging to see that filings have leveled out in 2015, no significant increases or declines in monthly filings.”
In contrast to the increased year to date filings over the same period in 2014, there were 629 total foreclosures filed in July, compared to 702 in June, 693 in May, and 764 in April. For the month, there 252 non-judicial foreclosures (NODs) filed, 18 more than in June. Judicial foreclosure filings declined in July to 370 compared to 468 in June.
“As we have seen in the past, there was a decline in foreclosure filings in July and I expect fewer to be filed in August,” Helmick said. “This is typical during the summer months, however I do expect foreclosure filing activity to increase after school starts in September.”