January 15, 2013
By Rachael McDonald Last month, court-mandated home foreclosures increased by more than 30 percent in Oregon. That’s according to Eugene-based Gorilla Capital.
Gorilla Capital purchases distressed homes, re-furbishes them, and resells them. CEO John Helmick says in December, there were 681 foreclosures filed in Oregon courts. Changes in state law and an appellate court ruling led to a shift in how home foreclosures are done. Helmick says judicial foreclosures take longer and he’s concerned this is slowing Oregon’s real estate recovery.
Helmick: “Oregon, by enacting this legislation and by this court decision, effectively moved from a notice and sale process state to a court process state. And in the long term that can really create a drag on our housing recovery and I’m very worried about our housing recovery.”
The legislature is expected to make some changes to Oregon’s foreclosure law that will streamline the process. Helmick says he’s hopeful the housing market healing because home prices are going up.
Copyright 2013 KLCC.