JUDICIAL FORECLOSURES INCREASE IN DECEMBER BY MORE THAN 30%

Monday, January 14, 2013
Overall, 2012 Closes With Fewer Foreclosure Filings Than Previous Years

EUGENE, OR – In the 24 Oregon counties tracked by Gorilla Capital, court foreclosures, a.k.a. judicial foreclosures, increased by nearly 30% in December.  There were 681 court foreclosures filed during the month as compared to 446 in November, 522 in October and 561 in September.

“December’s increase in court foreclosure filings is due to a lag time in the filing process; the process is finally catching up with the market,” said John Helmick, CEO of Gorilla Capital. “Lenders have the right to choose either of the two Oregon foreclosure processes. However, in July 2012, a change to the state’s foreclosure laws and an Oregon appellate court ruling had dramatic affects on the notice and sale (non-judicial) foreclosure process. This led to a paradigm shift and more lenders choosing the court process for more than 90% of the foreclosure filings in the state.”

There were 69 notice of default (NOD) for notice & sale foreclosures in December, as compared to 74 in November, 127 in October, and 86 in September.

Overall, in 2012 there were 8,037 notice and sales foreclosures as compared to 12,836 in 2011 and 17,120 in 2010.

“As more lenders filed court foreclosures, fewer filed notice and sale foreclosures as they had in the past,” Helmick said.  “2012 marked the second consecutive year the number of foreclosures filed in Oregon have declined: a sign that the housing market is beginning to heal and a trend we expect will continue in 2013.”

About Gorilla Capital

Gorilla Capital is one of the nation’s leading purchasers of distressed real estate. By buying, redeveloping, and selling distressed homes, Gorilla Capital is actively engaged in the revitalization of neighborhoods, and increasing neighborhood property values.  Gorilla Capital has been ranked by Inc. Magazine as one of the 1,000 fastest growing companies in America, each of the last 3 years, and was recently ranked as the 20th fastest growing real estate company in America. Oregon Business magazine ranked the company on the Private 150 list of the largest privately held companies in Oregon. Operating in multiple states, Gorilla Capital is based in Eugene, Ore.

The company prides itself on being methodical, efficient and tireless in its pursuit of properties that will appeal to the value-conscious homebuyer. After research, inspection, assessment and purchase of the distressed real estate, Gorilla renovates the house and then offers the fully remodeled home to the public at exceptional value.  A third party, one-year home warranty, backs all Gorilla Capital’s homes.