Press Release - September 2008 Pace of Treasure Valley Foreclosure Filings Slows Down in August, But Still Sets New Record! Idaho Data Providers.com (IDP) is a local foreclosure data company which tracks all loans entering foreclosure on a daily basis in Ada, Canyon, and Kootenai Counties. IDP also collects information on foreclosures filed in every county in Idaho. Since foreclosure data is collected by IDP as soon as it becomes available, our information is the most current information available from any source for Idaho.
Ada & Canyon County Notice of Default Statistics for 2007 & 2008 Ada County Ada county had 304 Notices of Default filed in August which set a new record for a single month. That's up 171% from August of 2007 When 112 Defaults were recorded.
Canyon County Canyon county had 179 Notices filed in August , which is a decrease from 217 that were file din July 2008. This is still up 77% from August of 2007 when only 101 defaults were filed.
Idaho Data Providers.com President Charlie Nate said "The overall pace of the increase in foreclosure fillings slowed down in August. Hopefully this is because of more loan modifications for distressed borrowers as a result of lenders stepping up their loss mitigation efforts. We'll have a better picture of the future of the foreclosure market if this trend persists for a few more months."
"The recent takeover of Fannie Mae and Freddie Mac by the government should help stabilize the housing market in the short run", Nate said,. "However, if the loan standards are not relaxed by the entities, home loans for borrowers will continue to be scarce and the housing market will continue to deteriorate."
Over 1000 Short Sales are Now Listed In the Local Market! In August IDP reported that, according to the IMLS, there were 1002 active short sales in the local market. As of September 8th the number of active short sales has increased to 1095 representing a 9% increase in listed short sales in the last 30 days. Short sales now make up over 13% of the currently listed and active properties in the local market, however they now constitute 40% of all pending sales! "We are now reaching a point in pending sales where the short sales are beginning to dictate the market price." Nate said today.
Nate believes that the increasing number of short sales is going to result in a decline in home prices in the local market in the coming months as the lenders continue to approve short sales below current market values. This will force home sellers to drop their asking prices it compete against these discounted homes! The pace of new short sale listings showed signs of slowing this month, but it is still to early to say that it is a trend.
Short Sales occur when delinquent homeowners have no equity or are even upside down in their homes and their lender agrees to accept less than the total amoujnt due as full payoff of their loan. Typically, short sales are discounted to sell 10% to 20% less than current market values.
Established in July 2006, IDP is Idaho's leader for dependable foreclosure information and education. IDP provides detailed profile pages for each property in foreclosure. IDP also regularly offers seminars to educate investors and the general public on all aspects of the foreclosure process.
As foreclosures continue to rise, the opportunity to purchase property below market value has never been better.Lenders are reducing the prices of their foreclosure properties by offering them at discounts to the public. To take advantage of IDP's extensive database of property listings and educational seminars, logon to www.IdahoDataProviders.com or Contact Charlie Nate at 208-860-6786.