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Foreclosures drop in Oregon as new rules take effect

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According to OregonLive, foreclosure filings tumbled in the state’s largest counties in September, which will likely be short-lived as lenders retool their responses to legal changes in the foreclosure process.

According to numbers compiled by Gorilla Capital, a Eugene company that buys and resells distressed properties, foreclosures in the state’s largest seven counties have fallen by 42 percent from a year ago and 80 percent from a month earlier month.

“I think it’s a temporary drop,” said Alan Brickley, an attorney and board member of the Oregon Land Title Association. “If you can’t start a foreclosure until you give notice at least 60 days before, then you can’t (start a foreclosure) in August and September.”

Source: OregonLive
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