Friday, May 11, 2012
Oregon Home Foreclosure Numbers Down in April
Despite the declines, experts at Eugene-based Gorilla Capital foresee a spike on the horizon with the passage of foreclosure legislation
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 April were down by 11 percent from the previous month, according to officials with Eugene-based Gorilla Capital. In 15 Oregon counties where Gorilla operates, there were 732 foreclosures in April 2012, down from 827 in March. A notice of default is the official beginning of the foreclosure process.
Despite the decline, Gorilla Capital CEO John Helmick said the recent passage of Oregon SB-1552 would likely cause a short-term spike in foreclosures in the coming months. Most of the provisions of the bill, which requires lenders to meet in mediation sessions with homeowners who are facing foreclosure, take effect July 12, 2012.
“The recent legislative action will likely mean more foreclosures in Oregon counties,” Helmick said. “Although well-intentioned, this bill makes material changes to Oregon’s foreclosure law that will prevent the market from stabilizing in the short term.”
Some notable foreclosure statistics include the following:
• Eleven 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 Linn and Polk counties, which saw decreases of 31 and 32 percent, respectively.
Oregon notices of default decreased by 73 percent from April 2011 to April 2012 in 15 counties where Gorilla Capital operates. That figure is likely a statistical anomaly due to the double recording of foreclosures by one lender in April 2011, Gorilla officials say.