Tuesday, January 14, 2014
EXPECT FORECLOSURE ACTIVITY TO INCREASE IN Q1 2014
EUGENE, OR — Overall, foreclosure filings declined from 281 in November to 277 in December. The decline is the fifth consecutive month in the 20 Oregon counties tracked by Gorilla Capital. While Notice and Sale (NODs) foreclosures increased by 38%, court foreclosures dropped 18% for the month.
“The artificial decline in foreclosure filings continues because of new Oregon legislation that went into effect in August,” said John Helmick, CEO of Gorilla Capital. “As predicted, judicial foreclosures dropped in December while NODs have increased as lenders are now pursuing the quicker and more manageable NOD process.”
Helmick says the courts are limited in their capacity to move through the foreclosure process in a manner that puts the lender and the homeowner on a path for a timely resolution.
“I expect the NOD filings to spike in the next three months,” Helmick said. “Oregon will be one of the few states that will see foreclosures in 2014 exceed the number of foreclosures in 2013, but foreclosure filings will not reach the high 2008, 2009 or 2010 levels.”
The total number of filings for NODS per county was nearly 84% less in 2013 (1,206) compared to 2012 (8,036). Gorilla started tracking court foreclosures in the last quarter of 2012.
Overall, 13,411 total foreclosures were filed in OR in 2013. Ninety percent (12,080) were filed between January and August.
December Foreclosures – Oregon Counties
|County||Court Foreclosures||Notice & Sale|
*Court foreclosures per county may increase se 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.