FORECLOSURE FILINGS INCREASE IN FEBRUARY 2014

EUGENE, Ore. – Foreclosure filings again increased in February in the Oregon counties monitored by Gorilla Capital. Overall, foreclosure filings increased in February to 387, up just 16 from January. After declining each of the last five months of 2013, February marks the second consecutive month foreclosure filings have increased overall.

“Foreclosures continue to climb in Q1 as more borrowers make it through the long state-legislated mediation process put in place last August,” said John Helmick, CEO of Gorilla Capital. “Borrowers are spending six months or more navigating the new mediation process that had previously taken much less time. As the process moves along, we will see more foreclosures filed in the months ahead.”

At least 291 court foreclosures were filed in February compared to 284 in January, while non-judicial (NOD) filings tallied 96 or more. In January, 87 NODs were filed. Not all counties have reported February foreclosures filings, so totals are expected to increase.

“While foreclosure filings are increasing, they will not reach the record levels of 2008 through 2010.  The problem today is not the number of foreclosure filings but that many Oregon neighborhoods have homes that have been stuck in the foreclosure process for several years, including some that were left vacant and unkempt and have become Zombie houses,” Helmick said. “These Zombie homes bring down neighborhood property values and attract criminal activity.  We need to process the foreclosure of these Zombie houses, so that they can be renovated and converted into family homes.”

February Foreclosures – Oregon Counties

*Court foreclosures per county may increase as additional foreclosures are filed.

** As of November 2012, Gorilla Capital operates in Benton, Clackamas, Coos, Crook, Curry, Deschutes, Douglas, Jackson, Jefferson, Josephine, Klamath, Lane, Lincoln, Linn, Marion, Multnomah, Polk, Tillamook, Washington and Yamhill counties.