Foreclosures climb in March


Jefferson County remains same

Gorilla Capital reports that foreclosures continued to climb in March as filings for court foreclosures and notice of default for notice and sale foreclosures increased in 12 of the 24 Oregon counties the company tracks.

Jefferson County had no court foreclosures (also known as judicial foreclosures) in February or March, but had three in January. There were two notices of default (for notice and sale foreclosures) filed in each of the three months.

March filings for court foreclosures in the counties tracked by Gorilla Capital were 1,598 — a 20 percent increase over the 1,282 reported in February. A total of 766 court foreclosures were filed in January. For the quarter 3,656 court foreclosures were filed.

Notices of default for notice and sale foreclosures reached 103 or a 9 percent increase over the 93 reported in February. In January, 69 default notices were filed. A total of 302 were filed for the quarter.

“While foreclosures did not increase at the same rate in March as they had in February and January, it is important to remember that many lenders and homeowners remain off the foreclosure radar until they can file in a very congested judicial system,” said John Helmick, CEO of Gorilla Capital.

“To expedite the process, more lenders may elect to file NODs, instead,” Helmick continued. “However, the foreclosure market continues to serve as a leading indicator of an economy struggling to recover with the expectation that eventually more jobs will be the stabilizing factor.”

Counties with the highest increases in court foreclosures during March included: Marion, Linn, Lane, Jackson, Multnomah and Washington. Clackamas County made up the entire 9 percent increase in NODs in counties monitored by Gorilla Capital, registering a 75 percent increase in NODs filed for March.

Gorilla Capital, based in Eugene, is one of the nation’s leading purchasers of distressed real estate. Gorilla tracks foreclosures in 24 of Oregon’s 36 counties, including Jefferson.