Tuesday, November 20, 2012
Judicial Foreclosures Harming Oregon’s Housing Recovery
EUGENE, OR – It has been rough and unforgivable seas as waves of non-judicial and judicial foreclosures crash on the rocky shores of Oregon’s foreclosure housing market. In the 20 Oregon counties served by Gorilla Capital, judicial foreclosures reached 522 in October as compared to 561 in September and 538 in August, and compared to less than 90 a month for the first 3 months of 2012 (which was prior to the passage of SB 1552). Notice of Defaults for non-judicial foreclosures in October were 121, compared to 75 in September and 122 in August, nearly a 90% decrease from the 1,200 per month for the first 3 months of 2012.
“The foreclosure tide is rising. Lenders have turned over the foreclosure files to their attorneys and we are seeing increasing numbers of judicial foreclosures being filed in all counties in Oregon,” said John Helmick, CEO of Gorilla Capital. “The non-judicial foreclosure route is being used for less than 10% of all foreclosures and is no longer an accurate indication of the distressed real estate market or the number of Oregonians who are facing foreclosures.”
Helmick says the negative impact judicial foreclosures will have on the housing market is building. “With the judicial foreclosure process now becoming the standard operating procedure, Oregon will have the same experience as States that have only judicial foreclosures: the number of homes that are in the foreclosure process will increase dramatically over the next two years creating a huge drag on the housing recovery in Oregon, and may reverse the recent gains in Oregon home prices.
About Gorilla Capital
Gorilla Capital is one of the nation’s leading purchasers of distressed real estate. 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. All of Gorilla’s homes are backed by a third party, one-year home warranty.
For more information, visit www.GorillaCapital.com, or call (541) 344-7867.
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