1. 
   Idaho Data Providers Market Report - February 2010
   
   
   • Canyon County Defaults up 70% from December!
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   • Record Distressed Property Listings up again by 2%!
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   • REO LIstings up 8.2% in Just one Month

   Local notices of default filings for Ada and Canyon counties were up 22% in January to a total of 773. This increase was caused by Canyon county filings rising an incredible 70%. Last month IDP reported that we can expect a constant and record stream of distressed properties entering into the foreclosure pipeline and keeping inventory levels abnormally high in 2010. "January was up but the worst is still to come" Idaho Data Providers.com president Charlie Nate Stated. "Distressed properties could be in a state of limbo for a few months until the ball gets rolling on the new government programs that the US Treasury Department has created"

   The US Treasury Dept has rolled out the new Home Affordable Foreclosure Alternatives Program (HAFA) which must be implemented by April 5^th 2010. The HAFA program compliments the governments Home Affordable Modification Program (HAMP). Together, these two programs require that every distressed property must be first considered for a loan modification and then evaluated for a short sale or Deed in Lieu (DIL) before a foreclosure can be started. This means we can expect a new wave of distressed properties hitting the market in late spring to mid summer after these programs get rolling.
   
   What this all means is that you should brace yourself for a double dip in the housing market in 2010. Look for local prices to still fall another 7% to 10% starting in the next few months. A bottom to the housing market and the beginning of a real recovery is unfortunately still at least one year away.
   
   Ada & Canyon Notice of Default Statistics
   
   Ada County Holds Steady with Another 408 Homes Having a Notice of Default Filed
   

   In December 2009 new foreclosures filed totaled 416. In January 2010 filings were down only 8 homes with 408 Notices filed.

   Comparing Ada County number year over year, January of 2010 is up 380% from January of 2007 when only 85 defaults were filed. Up 113% from 2008 when 191 homes entered into default, and up 19% from January of 2009 when 342 filing were recorded.
    
   Canyon County Foreclosure Rates up a Staggering 70% from December!
    
   In January, 2010 filings for Canyon County increased dramatically by 70% with 365 notices being filed. This is the largest one month increase ever recorded by IDP for Canyon County.
    
   Comparing Canyon County numbers for January year over year, January of 2010 is up 518% from January of 2007 when 59 defaults were filed. Up 180% from January of 2008 when 130 homes entered into default, and up 40% from January of 2009 when 260 filings were recorded.

   As the graph illustrates below the sharp increase in Canyon County filings from December resulted in the 22 % increase overall for Ada and Canyon Counties from last month.

   
   

   The Calm Before the Storm! Short Sales Decline by Another 1.3%

   As last months market report states, we very well may be seeing the calm before the storm as far as short sale numbers are concerned! January was down another 1.3% with 2,632 short sales listed. The expected coming flood of new short sales will primarily be caused by the new US Treasury Department short sale program (HAFA). This program will cause the current number of short sales to skyrocket in mid to late 2010 as all potential foreclosures must now be evaluated for a possible short sale before a foreclosure can be started on the property
   
   
   

   REO Listings Spike Again up Sharply by Another 8.2%
   

   December 2009 REOs were up sharply by 7.7% with 1,342 REOs listed. January REO listings spiked again up 8.2% with 1452 REO

   
   

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   Record Distressed Listings up another 1.9% in January!

   We entered 2010 with the highest level of distressed properties on the market ever recorded for this area. The total number of distressed listings at the end of December 2009 reached 4,009. This number is an increase of 38% in only the 11 months that Idaho Data Providers has been tracking this number. January, 2010 was up another 1.9% With 4,084 total distressed listing on the market.

   
   

   
   
   
   

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