|
Oregon Home Foreclosure Numbers Jump in 'Unprecedented' Increase
|
|
Location: Eugene, Oregon
Contact: John Helmick, Gorilla Capital, (541) 344-7867, john@GorillaCapital.com
Pat Walsh, The Ulum Group, (541) 434-7021, pwalsh@ulum.com
Oregon Home Foreclosure Numbers Jump in ‘Unprecedented’ Increase
After a steady decline in late 2009, notices of default rise again in January
Eugene, Ore. — Home foreclosure numbers continued to increase during the month of January, hitting a record high, according to the latest figures released by Eugene-based Gorilla Capital, the state’s largest purchaser of homes sold at foreclosure auction. It was the second straight month in which notices of default increased. A notice of default is the official beginning of the foreclosure process.
"The story in late 2009 was that, after years of sustained increases, Oregon foreclosure numbers were finally coming down,” said Gorilla Capital CEO John Helmick. “But the data from December, combined with these latest figures, show that we are seeing foreclosures at a rate that is unprecedented in the state of Oregon.”
The jump in foreclosure numbers was significant from December 2009 to January 2010. Statewide, in the 15 counties where Gorilla Capital tracks foreclosures, the number of notices of default increased from 1,434 to 1,778, a spike of 24 percent. In 11 Oregon counties, Gorilla reported an increase in notices of default. The company reported a decrease in four Oregon counties.
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 January:
- Four Oregon counties saw a decrease in notices of default.
- Deschutes and Jackson counties experienced the largest number of foreclosures.
- A total of 11 Oregon counties saw an increase in the number of foreclosures.
From July 2009 — when the state’s foreclosure numbers reached record highs — until November 2009, Gorilla’s Oregon Foreclosure Index (OFI) had been slowly but steadily decreasing. Starting in December 2009, the index began to climb. The January statistics represent the highest OFI number on record. 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, Florida and Washington, 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 on quality homes purchased at foreclosure auction. For more information, visit www.GorillaCapital.com, or phone (541) 344-7867.
# # #