August 18, 2014
EUGENE, Ore. After a decline in June, total foreclosure filings in the 24 counties tracked by Gorilla Capital increased in July; reaching 594, after dipping to 522 in June. May had the most foreclosures filed this year, logging 672.
“Foreclosure filings are coming back from summer vacation,” said John Helmick, CEO of Gorilla Capital. “As we get closer to school starting, lenders are more and more aggressive with foreclosure filings. Filings from months ago are finally through the state mandatory pre-foreclosure timeframes and borrowers are through the state-mandated processes.
There were 146 nonjudicial (Notice & Sale) filings in July; nine fewer filings than in June. Court foreclosures climbed from 365 in June to 448 in July.
“I expect an increase in foreclosure filings in August and September,” Helmick said. “Lenders will be anxious to get foreclosed homes, especially Zombie homes, sold before the end of the year.”
“Since Oregon became a judicial foreclosure state a year ago, we can expect a slower time frame for the housing market to recover due to the court’s over-booked docket,” Helmick said.
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