Judicial foreclosures up…not total foreclosures

Troubled Assets

foreclsoureAs I discussed in prior posts like this one, due to changes in Oregon foreclosure law (passed last July) and pending trouble with MERS, many banks have begun opting to choose a judicial foreclosure (a foreclosure through the courts) over their previously preferred choice of a non-judicial foreclosures (a foreclosure processed without court intervention governed by state statutes).

Recent news in the Oregonian reported a 65 percent increase in judicial foreclosures in just the last month. This has sparked concerned from people that have contacted me, who read “judicial foreclosures increased 65 percent” as “foreclosures increased 65 percent.” The important thing to keep in mind is that total foreclosures have not been increasing, but rather, the banks, in response to new legislation,  are only changing the way they foreclose on the properties.

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