Thanks to recent statistics from Gorilla Capital, an Oregon company, that buys rehabs and then sells distressed homes, and properties across Oregon, we know that foreclosures have fallen by over 40 percent in the last year alone and dramatically in the month of September due to the changes in foreclosure laws that were put in place earlier this year.
A Sign of Growth
Fewer foreclosure filings across Oregon is also a sign that the nationwide Real Estate market as a whole is on the right track since fewer homeowners are going through the foreclosure process compared to just one year ago.
1,500 Homeowners in Mediation
As of October 17, 2013 there are 1,500 homeowners who are in mediation with their lenders to stop the foreclosure process, thankfully homeowners have 60 days to meet with their lenders to go through loan modification or refinance before starting foreclosure on their homes.
Not Everyone Excited
Although Bend Oregon Realtors and top listing agents across Oregon are excited about the encouraging news concerning foreclosures some people including Alan Brickley, a board member with Oregon’s Land Title Association think that the drop in foreclosure filings will only be a temporary drop as underwater homeowners adjust to the new foreclosure laws before ultimately going through foreclosure anyway.
Will The Drop In Foreclosures Continue?
Will the new foreclosure laws in Oregon have a lasting effect on curbing the rise in Foreclosures? It’s anyone’s guess, for now Realtors in Bend and economists across Oregon are encouraged by the statistics and hopeful that the drop in foreclosures will continue well into 2014 and not climb back up to 2012 foreclosure levels.
What are your thoughts on Oregon’s foreclosure laws? Feel free to leave us a comment below.
For more information on buying a home in Bend, or to view the latest homes for sale in the area, contact me today by calling (541) 383-1426.