Oregon Home Foreclosures Decline in January

Friday, February 10, 2012
“The numbers tell the story” as home foreclosures decline throughout the state, according to the latest figures released by Eugene-based Gorilla Capital

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. – Home foreclosures in January were down by 22 percent from the previous month and down 44 percent from a year ago, say officials with Eugene-based Gorilla Capital. In 15 Oregon counties where Gorilla operates, there were a total of 577 notices of default recorded during the first month of 2012 – down from 743 in December 2011 and down from 1,027 in January of 2011. A notice of default is the official beginning of the foreclosure process.

“The numbers tell the story,” said John Helmick, Gorilla Capital CEO. “Foreclosures declined significantly in 2011 and the decline in foreclosure activity continues in 2012. The real estate market is healing itself.”

Helmick said Oregon real estate was continuing on its path of recovery, with most counties showing double-digit percentage decreases in notices of default. Other notable foreclosure statistics include the following:

  • Thirteen of 15 counties where Gorilla operates saw year-over-year decreases in notices of default.
  • In 12 of 15 counties where Gorilla operates, notices of default declined by at least 22 percent from the previous month.
  • The biggest year-over-year decreases occurred in Benton, Linn and Lincoln counties, which saw declines of 68, 56 and 55 percent, respectively.
  • The biggest month-to-month decreases occurred in Lincoln and Benton counties, which saw declines of 50 and 46 percent, respectively.

Crook, Curry and Douglas counties were the only Gorilla counties to see month-to-month increases in notices of default. Only Curry and Douglas counties recorded increases when comparing January 2011 to January 2012.