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Oregon Home Foreclosures Decline for Fourth Straight Month
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Location: Eugene, Oregon
Pat Walsh, The Ulum Group, (541) 434-7021, PWalsh@ulum.com
Oregon Home Foreclosures Decline for Fourth Straight Month
Preliminary data point toward continued improvement for the Oregon real estate market
Eugene, Ore. — The Oregon real estate market showed continued signs of improvement during the month of November, according to data released by Eugene-based Gorilla Capital on Wednesday. Gorilla is the state’s largest purchaser of homes sold at foreclosure auction.
“Overall, Oregon home foreclosures are showing a downward trend from highs reached in mid-2009,” said Gorilla CEO John Helmick. “We are seeing significant decreases in the three largest counties where we do business: Lane County, Jackson County and Deschutes County.”
The number of notices of default fell during November for 10 out of the 15 Oregon counties in which Gorilla Capital tracks foreclosure rates. All 15 counties have numbers that are significantly lower than the highs reached earlier in 2009. Preliminary numbers show an estimated 1,111 notices of default were filed during the month of November in the counties in which Gorilla operates, a decline of 7.5 percent from October when a total of 1,201 notices of default were filed. A notice of default is the official beginning of the foreclosure process.
Gorilla’s Oregon Foreclosure Index (OFI) has decreased by more than 25 percent since July 2009 when the state’s foreclosure numbers reached record highs. The OFI is still more than 26 percent higher than it was a year ago, Helmick said.
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 foreclosure trends during the month of November:
- 10 counties saw a decrease as compared to one month ago.
- Coos and Curry counties experienced no significant change.
- Benton and Josephine counties experienced the biggest increases.
Gorilla’s OFI measures conditions in the foreclosure market for the 15 Oregon counties where Gorilla tracks foreclosure rates.
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 — fewer than one out of 150 make the cut — 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.