Thursday, November 14, 2013
EUGENE, OR — Court foreclosures (judicial foreclosures) filed in the 20 Oregon counties tracked by Gorilla Capital in October were down from 305 filings in September to 272 for the past month, while notice of default (for notice and sale (NOD) filings increased from 72 to 98.
“This is the calm before the foreclosure storm as we can expect to see a spike in foreclosure filings in 2014, due to borrowers and lenders finally breaking through the logjam created by Oregon’s new pre-foreclosure notice laws,” said John Helmick, CEO of Gorilla Capital. “While the new pre-foreclosure process provides homeowners and lenders the opportunity to explore alternatives to foreclosure, the new laws slow the process, thereby creating an initial back log of foreclosure filings and delaying the ability to breathe new life back into many foreclosed houses that have become the Zombies homes of their neighborhoods.”
Filings for court foreclosures (a.k.a. judicial foreclosures) were down drastically in October and September as compared to previous months this year when 2,060 were filed in August; 2,111 in July; 1,542 in June; 1,194 in May; 1,266 in April; 1,014 in March; 1,282 in February; and 766 in January. A total of 11,812 court foreclosure filings have been reported in 2013 to date. (see graph, attached)
The number of October NOD filings were back on par with previous months this year with August a NOD filings totaling 72, compared to 119 in July, and 109 in June. There were 140 NODs filed in May; 99 in April; 103 in March; 95 in February; and 104 in January. For 2013, only 1,011 NODs have been filed in Gorilla’s Oregon counties. (see graph, attached)
*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.
About Gorilla Capital
Gorilla Capital is one of the nation’s leading purchasers of distressed real estate. By buying, redeveloping, and selling distressed homes, Gorilla Capital is actively engaged in the revitalization of neighborhoods, and increasing neighborhood property values. Gorilla Capital has been ranked by Inc. Magazine as one of the 1,000 fastest growing companies in America, each of the last 3 years, and was recently ranked as the 20th fastest growing real estate company in America. Oregon Business magazine ranked the company on the Private 150 list of the largest privately held companies in Oregon. Operating in multiple states, Gorilla Capital is based in Eugene, Ore.
The company prides itself on being methodical, efficient and tireless in its pursuit of properties that will appeal to the value-conscious homebuyer. After research, inspection, assessment and purchase of the distressed real estate, Gorilla renovates the house and then offers the fully remodeled home to the public at exceptional value. A third party, one-year home warranty, backs all Gorilla Capital’s homes.
For more information, visit www.GorillaCapital.com, or call (541) 344-7867.
Documents and/or Photos available for this release:
2013 Court Foreclosure Starts
2013 Notice & Sale Starts
To view supporting documents and/or photos, go to www.enr-corp.com/pressroom and enter Release ID: 364107