Foreclosure Filings Have Nearly Doubled, Compared to Last Year
EUGENE, Ore.—Gorilla Capital reports there were 161 fewer home foreclosure filings in the 24-counties it monitors than there were in February, 761 to 922. For the quarter ending March 31, 2015, there were 2,598 foreclosures filed in Gorilla’s Oregon counties compared to 1,348 during the same period last year.
In March, there were 500 judicial foreclosures and 261 non-judicial foreclosures filed in Gorilla’s Oregon counties.
“Total foreclosure filings are going to stay at or above the 600 level for the next few months until filings take their annual dip for summer vacation in June and July,” said John Helmick, CEO of Gorilla Capital. “How many houses are waiting to enter the foreclosure pipeline continues to be anyone’s guess, but Gorilla believes there is more than most people may think.”
Helmick says to gage the home foreclosure market, all anyone needs to do is look around their neighborhood to see how many houses are still vacant and have legal notices taped to the front door or windows.
Once a vacant or Zombie home is sold, it often stays empty for six months until the previous owner has had the opportunity to decide whether or not to redeem the property; providing they can pay off the original loan.
“With a slow foreclosure filing process and former owners having six months to invoke their redemption rights, new families are slow to breathe new life into Zombie homes,” Helmick said.
Gorilla reports that 60% of the houses it purchased in Oregon last month were Zombie homes compared to 73% in its national portfolio.