Home foreclosures down, but spike expected in coming months

Court foreclosures have decreased sharply in the 20 Oregon counties tracked by Gorilla Capital, a prominent buyer of distressed real estate.

September foreclosure filings were down 85 percent from August, according to Gorilla Capital.

John Helmick, chief executive officer of Gorilla Capital, said many homes in Oregon are still subject to foreclosure.

“New steps in Oregon’s pre-foreclosure process have created a delay that is now becoming a log jam,” Helmick said. “Once the log jam breaks, which we expect to occur sometime in the next four months, we will see a spike in the number of Oregon homes entering the non-judicial foreclosure process.”

In September, Marion County had 12 court foreclosure. Polk County had 16 court foreclosures for the same period.

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