Foreclosures do a number on Oregon housing market
The Oregon housing market will be slower to recover due to a large number of foreclosure filings that have yet to be resolved.
Foreclosure filings in 24 counties tracked by distressed real estate buyer Gorilla Capital increased in July, reaching 594.
“Foreclosure filings are coming back from summer vacation,” said John Helmick, Gorilla Capital’s CEO. “As we get closer to school starting, lenders are more and more aggressive with foreclosure filings. Filings from months ago are finally through the state mandatory pre-foreclosure timeframes and borrowers are through the state-mandated processes.”
In Multnomah County, there were 91 court foreclosures and 25 nonjudicial Notice & Sale filings. Helmick predicts an increase in foreclosure filings in August and September.