OREGON FORECLOSURES CLIMB IN MARCH

Monday, April 15, 2013

EUGENE, OR – Gorilla Capital reports that foreclosures continued to climb in March as filings for court foreclosures and notice of default for notice and sale foreclosures increased in 12 of the 24 Oregon counties the company tracks.

March filings for court foreclosures (a.k.a. judicial foreclosures) were 1,598. A 20%  increase over the 1,282 reported in February. Seven hundred sixty-six court foreclosures were filed in January. For the quarter 3,656 court foreclosures were filed.

Notice of default (NOD) for notice & sale foreclosures reached 103 or a 9% increase over the 93 reported in February. In January, 69 NODs were filed. Three hundred-two NODs were filed for the quarter .

“While foreclosures did not increase at the same rate in March as they had in February and January, it is important to remember that many lenders and homeowners remain off the foreclosure radar until they can file in a very congested judicial system,” said John Helmick, Gorilla Capital. “To expedite the process, more lenders may elect to file NODs, instead. However, the foreclosure market continues to serve as a leading indicator of an economy struggling to recover with the expectation that eventually more jobs will be the stabilizing factor.”

Counties with the highest increases in court foreclosures during March included; Marion, Linn, Lane, Jackson, Multnomah and Washington. While Clackamas County made up the entire 9% increase in NODs in Gorilla counties registering a 75% increase in NODs filed for March.

Oregon March 2013 Filings

Oregon February 2013 Filings

Oregon January 2013 Filings

*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.