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Jefferson County bucks default trend

Judicial foreclosures down; default filings up


Court foreclosures (judicial foreclosures) filed in the 20 Oregon counties tracked by Gorilla Capital in October were down from 305 filings in September to 272 for the past month, while notice of default filings increased from 72 to 98.

However, in Jefferson County, one judicial foreclosure was filed in October, and no notices of default.

“This is the calm before the foreclosure storm as we can expect to see a spike in foreclosure filings in 2014, due to borrowers and lenders finally breaking through the logjam created by Oregon’s new preforeclosure notice laws,” said John Helmick, CEO of Gorilla Capital.

“While the new preforeclosure process provides homeowners and lenders the opportunity to explore alternatives to foreclosure, the new laws slow the process, thereby creating an initial back log of foreclosure filings and delaying the ability to breathe new life back into many foreclosed houses that have become the zombies homes of their neighborhoods,” he said.

Filings for court foreclosures were down drastically in October and September as compared to previous months this year, when 2,060 were filed in August; 2,111 in July; 1,542 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 11,812 court foreclosure filings have been reported in 2013 to date.

The number of October default notice filings were back on par with previous months this year with August filings totaling 72, 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 2013, only 1,011 notices of default have been f filed in Gorilla's Oregon counties.

As of November 2012, Gorilla Capital operates in Benton, Clackamas, Coos, Crook, Curry, Deschutes, Douglas, Jackson, Jefferson, Josephine, Klamath, Lane, Lincoln, Linn, Marion, Multnomah, Polk, Tillamook, Washington and Yamhill counties.

Gorilla Capital is one of the nation’s leading purchasers of distressed real estate. For more information, visit www.GorillaCapital.com or call 541-344-7867.




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