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Home Foreclosure Numbers Decreased in Most Oregon Counties
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Location: Oregon
Home Foreclosure Numbers Decreased in Most Oregon Counties
Lane County Notices of Default fell by 29 percent in May
Eugene, Ore. – After seeing a decrease in April, home foreclosure numbers in Oregon continued to fall during the month of May, according to the latest figures released by Eugene-based Gorilla Capital, the state’s largest purchaser of homes sold at foreclosure auction. Lane County had a total of 145 notices of default, a decrease of 29 percent from April.
A total of 1,315 notices of default were filed in May in the 15 Oregon counties where Gorilla tracks foreclosures. The figure was down from 1,494 in April, a decrease of 12 percent and a slight increase of 5 percent from one year ago. A notice of default is the official beginning of the foreclosure process.
“Real estate foreclosure numbers appear to be stabilizing throughout the Willamette Valley, Central Oregon, Southern Oregon and Oregon coast,” said Gorilla Capital CEO John Helmick. “Despite the recent expiration of the $8,000 tax credit for first-time homeowners, low interest rates, property prices and other factors make this a good time to buy a house.”
Gorilla tracks thousands of properties each year, keeping detailed records on foreclosure statistics throughout the state (excluding the Portland metro market). Gorilla’s numbers for the month of April reveal the following foreclosure trends:
- Lane County was one of three counties to experience a decrease of at least 20 percent in the number of Notices of Default.
- Benton, Curry and Jefferson counties experienced the largest decreases in the number of notices of default at 54, 58 and 50 percent, respectively.
- Klamath and Marion counties experienced the largest increases in default filings at 10 and 9 percent, respectively.
- Ten of the 15 Oregon counties where Gorilla Capital operates saw declines in notices of default. Five counties saw increases.
All the largest populated counties – Deschutes, Lane, and Jackson – experienced a decrease in new foreclosure filings in May. Real estate experts are optimistic that these numbers may indicate that the number of foreclosures is likely to decrease over the next six months.
The Gorilla Oregon Foreclosure Index (OFI), which measures conditions in the foreclosure market for the 15 Oregon counties where Gorilla tracks foreclosure rates, provides a basis from which to analyze the current market. In May the OFI reached 346, down 26 percent from a high of 468 in January. A higher number is associated with a higher rate of foreclosures. The index uses 100.0 for calendar year 2007 as its base year. An OFI of 100.0 is considered normal foreclosure market conditions. The index also includes revisions to historical data and new forecast components as they become available.
About Gorilla Capital
Gorilla Capital is one of the nation’s leading purchasers of homes sold at foreclosure auctions. Operating in multiple states and in 15 Oregon counties — Benton, Coos, Crook, Curry, Deschutes, Douglas, Jackson, Jefferson, Josephine, Klamath, Lane, Lincoln, Linn, Marion, and Polk — the company is based in Eugene, Ore. Gorilla Capital provides value pricing to homebuyers by offering carefully selected homes that have been cleaned, repaired and priced between $20,000 and $50,000 below market value. All homes come with a third-party, one-year warranty.
Gorilla Capital tracks, reviews, and assesses more than 120,000 foreclosure properties annually in order to find and acquire superior properties to offer homebuyers. Gorilla Capital offers options for buyers seeking affordable, quality foreclosure-sale homes.