Lane County foreclosures decline

Foreclosure filings have dropped by 27 percent since last month in Lane County, suggesting that Oregon’s housing market is stabilizing.

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The housing market is stabilizing in Lane County, and nation-wide, as the numbers of foreclosures decline.

The county saw a decrease in local foreclosure filings of 27.4 percent from April to May.

“The houses that are in foreclosure (now) are houses that received financing in 2006 and 2007,” said John Helmick, of the Eugene-based company Gorilla Capital.

“Beginning in 2008, the loans are just really rock solid,” he said, “so once we process through these 2006-2007 loans, the number of bad loans out there is going to be greatly diminished.

Read more at the Register-Guard.