Thursday, April 12, 2012
March 2012 home foreclosure numbers were largely unchanged from the previous month,
according to Eugene-based Gorilla Capital, but more foreclosures may be on the horizon
Note to Editors and Reporters: The following news release contains statewide foreclosure numbers for the Oregon counties where Gorilla Capital operates. News releases with county-specific data are forthcoming. Reporters on deadline may request immediate county-specific figures by calling (541) 344-7867.
EUGENE, Ore. – Oregon home foreclosures in March 2012 were up by 1 percent from the previous month, according to officials with Eugene-based Gorilla Capital. In 15 Oregon counties where Gorilla operates, there were a total of 827 notices of default recorded last month – up slightly from 815 in February 2012. A notice of default is the official beginning of the foreclosure process.
“When it comes to notices of default, we’re continuing to see more consistent numbers being recorded,” said John Helmick, Gorilla Capital CEO. “This suggests the state’s real estate market is stabilizing.”
Despite the fact that foreclosure numbers are leveling off, Helmick said the recent passage of Oregon SB-1552 would likely reverse that trend. The legislation, which requires lenders to meet in mediation sessions with homeowners who are facing foreclosure, will take effect 91 days after the governor signs the bill.
“The recent legislative action means more foreclosures,” Helmick said. “This bill, which makes material changes to Oregon’s foreclosure law, will cause a short-term spike in new foreclosure filings.”
Other notable foreclosure statistics include the following:
- Ten of 15 Oregon counties where Gorilla Capital operates saw declines or no change in notices of default from month to month.
- The biggest month-to-month declines in notices of default occurred in Benton and Lincoln counties, which saw decreases of 38 and 27 percent, respectively.
- Looking at year-to-date numbers, notices of default have declined by 17 percent in 15 Oregon counties where Gorilla Capital operates.
Oregon notices of default increased by 5 percent from March 2011 to March 2012 in 15 counties where Gorilla Capital operates. The increase does not appear to be a part of a larger trend, Helmick said.