Oct 8 2014
EUGENE, Oregon —- With Halloween just a few weeks away, there will soon be Zombies in neighborhoods across Oregon. While some Zombies come to Trick or Treat once per year, others have plagued neighborhoods for months and years.
According to statistics released by Gorilla Capital, 68% of the homes they purchased during the third quarter of 2014 in the 24 Oregon Counties they serve were Zombie or abandoned homes. That is 25% fewer year-round neighborhood Zombie homes reported than in the same quarter in 2013.
“Zombie homes are not taken care of by the lender after the borrower moves out; they become rundown and a neighborhood eye-sore that brings property values and attitudes down,” said John Helmick, president, Gorilla Capital. “The problem is that Zombie homes have spent too much time in a jam-packed foreclosure pipeline, sometimes years, and we need legislation that improves the process so new owners can more quickly breathe life back into Zombie homes and re-energize frustrated neighborhoods.”
Year to date, 74% of the houses purchased by Gorilla Capital in Oregon have been Zombie homes as compared to 90% in 2013 during the same time period.
“If you are in the market for a new house, beware of the Zombie homes in the neighborhood,” Helmick said. “Until a Zombie is remodeled and back on the market, there is no way to know how long it will be a property to avoid.”