News Release
Sept. 10, 2009
Contact: John Helmick, Gorilla Capital, (541) 344-7867, john@GorillaCapital.com
Pat Walsh, The Ulum Group, (541) 434-7021, pwalsh@ulum.com
Good News: The Foreclosure Market in Oregon
Continues to Stabilize
Notices of default in declined by 9 percent in August 2009
Eugene, Ore. — The number of homes headed to foreclosure is beginning to decline around the state of Oregon. For the 15 Oregon counties in which Gorilla Capital tracks foreclosure rates, 1,362 notices of default were filed in August 2009 — a decrease of more than 9 % over July 2009, when 1,484 notices of default were filed. A notice of default is the official beginning of the foreclosure process.
“Although foreclosure rates are still quite high, it’s clear that most counties are experiencing a decline over the previous month,” said Gorilla CEO John Helmick. “That’s good news and a good sign for our state’s economy.” The three counties that experienced an increase in foreclosures between July 2009 and August 2009 were Lincoln, Cook and Curry counties, all in rural areas, Helmick said.
As the state’s largest purchaser of homes sold at foreclosure auction, Gorilla keeps detailed records on foreclosure statistics throughout the state, tracking thousands of properties each year. Numbers released by the company regarding the counties in which it operates reveal the following trends:
- For increases/decreases for each County in Oregon, please see that attached schedule.
- The largest decreases in notices of default were in Linn County (down 35 percent) and in Jefferson County (down 36%).
- Despite the decrease between the last two summer months, rates are still significantly higher than they were a year ago, in August 2008. For example, Lane County is up 73% over August of last year; Deschutes is up 83% and Jackson County is up 22%.
“The numbers indicate that the market is absorbing the number of foreclosures entering the market as future homeowners and investors continue to quickly purchase the bargain foreclosure properties as they become available,” Helmick said. “Many Oregonians recognize that we are at or near the bottom of the real estate market and that as a result of the surge in foreclosures many homes are available at bargain prices.”
About Gorilla Capital
Gorilla Capital is Oregon’s largest purchaser of homes sold at foreclosure auctions. Operating in 15 Oregon counties as well as in the states of Idaho, Arizona and Florida, the company is based in Eugene, Ore. Gorilla Capital provides value pricing to homebuyers by offering carefully selected homes and pricing them at $20,000 less than comparable homes on the market. All homes come with a third-party, one-year warranty.
Gorilla Capital tracks, inspects, values, and reviews more than 30,000 foreclosure properties a year in order to find and acquire a few — one out of 150 — quality properties to offer homebuyers. Gorilla Capital provides options for buyers seeking the bargain prices of quality homes purchased at foreclosure auction. For more information, visit www.GorillaCapital.com, or phone (541) 344-7867.
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In Benton County, the number of notices of default for August 2009 decreased 8%, from 13 to 12, when compared to July 2009; the notices of default for August 2009 increased 20% from 10 to 12, when compared to August 2008.
In Coos County, the number of notices of default for August 2009 decreased 15%, from 41 to 35, when compared to July 2009; the notices of default for August 2009 increased 133% from 15 to 35, when compared to August 2008.
In Crook County, the number of notices of default for August 2009 increased 12%, from 43 to 48, when compared to July 2009; the notices of default for August 2009 increased 182% from 17 to 48, when compared to August 2008.
In Curry County, the number of notices of default for August 2009 increased 41%, from 24 to 31, when compared to July 2009; the notices of default for August 2009 increased 300% from 6 to 24, when compared to August 2008.
In Deschutes County, the number of notices of default for August 2009 decreased 8%, from 335 to 307, when compared to July 2009; the notices of default for August 2009 increased 44% from 213 to 307, when compared to August 2008.
In Douglas County, the number of notices of default for August 2009 decreased 6%, from 54 to 51, when compared to July 2009; the notices of default for August 2009 increased 19% from 43 to 51, when compared to August 2008.
In Jackson County, the number of notices of default for August 2009 decreased 9%, from 207 to 189, when compared to July 2009; the notices of default for August 2009 increased 28% from 148 to 189, when compared to August 2008.
In Jefferson County, the number of notices of default for August 2009 decreased 36%, from 42 to 27, when compared to July 2009; the notices of default for August 2009 increased 170% from 10 to 27, when compared to August 2008.
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