Fewer Foreclosures Filed In April Than March
Eugene, Ore., May 14, 2015—Through the first four months of 2015, nearly 1,400 more foreclosures have been filed in the 23 Oregon counties monitored by Gorilla Capital compared to the same time period last year. During the first four months of this year, 3,407 foreclosures were filed compared to 2,004 last year.
In April, 753 foreclosures were filed in Gorilla’s Oregon counties compared to 816 in March. Judicial foreclosures dropped 12% from the previous month to 487 while non-judicial foreclosures increased by 2% to 266. April is the third consecutive month foreclosure filings have declined since January.
“There are still many foreclosures working their way through the state system which explains the significant year-to-date increase and why every month in 2015 has had more filings than same month in 2014,” said John Helmick, CEO of Gorilla Capital. “It is unfortunate that Oregon’s slow foreclosure process is keeping distressed home owners and their lenders in limbo instead of moving more quickly to help people heal their credit and the housing marketing.”
Helmick says that while month–to-month foreclosure filings have declined, that foreclosure filings will continue to hover around 700 per month through summer.
“How many houses are on Oregon’s foreclosure starting line is anyone’s guess,” Helmick says. “But we must remember, there are many fewer foreclosures being filed than two or three years ago. If it weren’t for the state’s slow process, many 2015 foreclosures would have been filed in 2014.”
Helmick also reported that 87% of the foreclosed homes Gorilla bought in April were “Zombie” or vacant homes compared to 60% in March.