New Law Slows Oregon Foreclosure Filings in August

Thursday, September 12, 2013

EUGENE, OR — Foreclosure filings in the 20 Oregon Counties tracked by Gorilla Capital dipped 42% in August; after more Notice of Default for Notice and Sale Foreclosures (NODs) and court foreclosures were filed in July than in any of the previous months this year. There were 1,950 foreclosure filings  reported in Gorilla Oregon Counties in August compared to 2,057 in July and 1,526 in June.

August NOD filings were down 42% from July. During the past month there were 69 NODs filed compared to 119 in July, and 109 in June. There were 140 NODs filed in May; 99 in April; 103 in March; 95 in February; and 104 in January. For the first eight months of 2013, 838 NODS have been filed in Gorilla’s Oregon counties.

Filings for court foreclosures (a.k.a. judicial foreclosures) were down 5% from last month. There were 1,950 court foreclosures filed in August; 2,050 in July; 1,510 in June; 1,194 in May; 1,266 in April; 1,014 in March; 1,282 in February; and 766 in January.  A total of 11,317 court foreclosures filings have been reported in 2013 to date.

“Due to a new state law (SB558) going into effect on August 4, there are now several additional new steps to the pre-foreclosure filing process, before a foreclosure can even be filed,” said John Helmick, CEO of Gorilla Capital. ”Until lenders and trustees can work through the new process, we will have a lower level of foreclosures for another 30 to 60 days. However, the lower level of foreclosure filings does not mean that there are fewer foreclosures, only that there is a backlog of foreclosure filings building during this period.  The result is that foreclosure filings will spike at the end of this year and the beginning of 2014 before leveling off to the lower, market driven levels that other states are seeing.”

August Foreclosures – Oregon Counties

County Court Foreclosures Notice & Sale
Benton 6 0
Clackamas 225 7
Coos 30 4
Crook NA 1
Curry NA 2
Deschutes 117 0
Douglas 69 7
Jackson 163 7
Jefferson NA 2
Josephine 82 4
Klamath NA 2
Lane 218 8
Lincoln 33 NA
Linn 120 4
Marion 178 4
Multnomah 374 7
Polk 31 1
Tillamook 20 2
Washington 217 5
Yamhill 67 2
TOTAL 1,950 69

 

 

July Foreclosures – Oregon Counties

County Court Foreclosures Notice & Sale
Benton 11 1
Clackamas 266 8
Coos 42 6
Crook NA 1
Curry NA 1
Deschutes 151 8
Douglas 79 14
Jackson 137 7
Jefferson NA 3
Josephine 61 8
Klamath 59 7
Lane 134 6
Lincoln 46 3
Linn 74 4
Marion 194 9
Multnomah 392 17
Polk 37 3
Tillamook 22 1
Washington 281 7
Yamhill 71 5
TOTAL 2,057 119

*Court foreclosures per county may increase as additional foreclosures are filed

** As of November 2012, Gorilla Capital operates in Benton, Clackamas, Coos, Crook, Curry, Deschutes, Douglas, Jackson, Jefferson, Josephine, Klamath, Lane, Lincoln, Linn, Marion, Multnomah, Polk, Tillamook, Washington and Yamhill counties.