Nov 10 2014
EUGENE, Ore. — More foreclosures were filed in the 24 Oregon counties monitored by Gorilla Capital than in any month this year.
Non-judicial foreclosure filings increased or stayed the same in 23 of the 24 Gorilla Capital counties, tallying 462. Judicial foreclosure filings hit a yearly low of 284.
For the month 746 foreclosures were filed compared to 493 in September, 663 in August, 600 in July and 522 in June.
“The log jam of filings at the front end of the Oregon foreclosure system is finally breaking,” said John Helmick, CEO of Gorilla Capital. “Foreclosures ready for filing years or months ago are finally beginning the state-mandated pre-foreclosure filing process. With a break in the jam, I expect about the same number of filings to be reported this month and then we will see the traditional end of the year dip in activity followed by increased activity in Q1 of 2015.”
October non-judicial (Notice & Sale) foreclosures were 462 compared to September’s 173. Court foreclosures dropped for the fourth consecutive month to 284 from 313 in September, 448 in August, 454 in July.
Also, Gorilla reports that 67% of the foreclosed homes they purchased in Oregon were vacant this past month.
“With more houses entering the foreclosures system, it should not be too long before fewer Zombie or vacant homes are spotted in neighborhoods,” Helmick said.