FORECLOSURE FILINGS SKY ROCKET IN MARCH

Friday, April 11, 2014

EUGENE, Ore. – Foreclosures filings tracked by Gorilla Capital increased dramatically in March, marking the third consecutive month filings have increased in the Oregon counties monitored by the company. Overall, foreclosure filings increased to 566 in March, compared to February‘s 395.

“As predicted, foreclosures continued to climb in the first quarter of the year as borrowers began exiting the state-legislated mediation process enacted last August,” said John Helmick, CEO of Gorilla Capital. “Many of the foreclosures filed last month probably began the mediation process as far back as fall 2013. As more borrowers complete mediation and receive the certificate of mediation compliance, more houses will make it on to the foreclosure rolls for sale in the next several months.”

Four hundred and seventy four court foreclosures were filed in March compared to 295 in February and 284 in January, while non-judicial (NOD) filings remained relatively constant with 92 compared to 99 in February and 87 in January.

“The good news associated with this increase in judicial foreclosures is that many of the vacant and abandoned ‘Zombie’ houses littering neighborhoods across Oregon will finally be sold to investors and groups that are ready to spend the energy and money to revitalize them,” Helmick said. “Life will be breathed back into those vacant, unkempt houses, allowing families to move into and make them homes again.”

March 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.