Jan 12 2016
Eugene, Ore. —- December capped a busy 2015 as foreclosures filings in the 20 Oregon counties monitored by Gorilla Capital increased 12% compared to a relatively slow November. Overall, judicial and non-judicial filings finished the year 24% ahead of the filings tallied in 2014.
“Oregon is not through the foreclosure crisis yet, but the end is in sight,” said John Helmick, CEO of Gorilla Capital. “Our state is experiencing a slower economic recovery from the Recession than other states, particularly in the rural areas. An additional contributing factor is state legislation passed in 2014 that was meant to help troubled home owners and lenders has instead slowed the foreclosure process down and added dramatically to slower economic healing in our state.”
In 2015, total foreclosure filings hovered most months near 700, with an average of 728 filings per month over the year. Filings peaked in January and February when more than 900 foreclosures were filed each month compared to November when 548 were logged.
Counties experiencing the biggest increase in foreclosures filings compared to 2014 include: Yamhill (58%), Jefferson (45%), Coos (44%), Klamath (36%), Curry (35%) and Lane (33%). Crook County saw foreclosure filings drop 61%. Tillamook was the only other county with a decrease in filings from 2015 compared to 2014 with a 1% decrease.
“As the economy continues to improve and more houses move through Oregon’s cumbersome system, double digit annual growth in the number of filings will begin to drop in more urban areas in the next year,” Helmick said.