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Foreclosures down in August

Foreclosure filings in the 20 Oregon counties tracked by Gorilla Capital dipped 42 percent in August; after more notices of default and court foreclosures were filed in July than in any of the previous months this year.

Jefferson County, one of the 20 counties, had three notices of default filed in July, and two filed in August, but no court foreclosures either month. There were 1,950 foreclosure filings reported in all the Gorilla Oregon counties in August, compared to 2,057 in July and 1,526 in June.

August foreclosure filings were down 42 percent from July. During the past month there were 69 notices filed, compared to 119 in July, and 109 in June. There were 140 notices filed in May; 99 in April; 103 in March; 95 in February; and 104 in January. For the first eight months of 2013, 838 notices have been filed in Gorilla’s Oregon counties.

Filings for court foreclosures (aka. judicial foreclosures) were down 5 percent from last month. There were 1,950 court foreclosures filed in August; 2,050 in July; 1,510 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 11,317 court foreclosures filings have been reported in 2013 to date.

"Due to a new state law (SB558) going into effect on Aug. 4, there are now several additional new steps to the preforeclosure filing process, before a foreclosure can even be filed,” said John Helmick, CEO of Gorilla Capital.

"Until lenders and trustees can work through the new process, we will have a lower level of foreclosures for another 30 to 60 days," he said. "However, the lower level of foreclosure filings does not mean that there are fewer foreclosures, only that there is a backlog of foreclosure filings building during this period."

"The result is that foreclosure filings will spike at the end of this year and the beginning of 2014, before leveling off to the lower, market-driven levels that other states are seeing,” Helmick added.

Gorilla Capital is one of the nation’s leading purchasers of distressed real estate. Based in Eugene, the company operates in 20 Oregon counties, as well as other states.




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