March Sets new All Time Record with 795 Foreclosure Starts!
Short Sale Listings and REO's Flooding the Market!
The all time record of 602 new foreclosure starts filed in the month of January 2009 for the Treasure Valley was short lived when this number was shattered in February as foreclosures increased a staggering 19.6% in just one month with 720 foreclosure starts filed in Ada and Canyon Counties! The month of March was even worse with another 10% increase over the record once held by February as 795 more foreclosure starts were filed. In the first three months of 2009 a mind boggling 2,117 foreclosure starts have been filed in Ada and Canyon Counties. This compares to only 1,083 for the first three months of 2008 and is a 95.4% increase
"Though I expected March to break the record set in February even I am in a small state of shock in looking at these numbers." Idaho Data Providers.com President Charlie Nate said. "However, even though many of the bigger players such as Freddie Mac And Fannie May have imposed moratoriums and are holding off on foreclosing in the hopes that a homeowner can complete a loan modification or a short sale." I expect the record numbers to continue so hold on." Nate Stated. "There are still plenty of other 'smaller' lending institutions that are filing defaults."
To View the complete 2009 housing and foreclosure forecast from IDP go to Click Here.
Ada & Canyon County Notice of Default Statistics
Ada County Sets New All Time Record with 449 Defaults Recorded!
Ada County has set a new record every month in 2009. February showed a 24.6% increase over January with 426 Starts filed compared to the 342 in January. March shows a 5.3% increase over February with 449 foreclosure starts filed. This is a 99% increase over a year ago in March of 2008 when 245 Notices of Default were recorded.
Canyon County Sets New All Time Record with 346 Defaults Recorded!
Canyon County had a record 260 Notices of Default filed in January. However the January record was quickly broken with 294 defaults filed in the month of February which was a 13% increase in just one month. The record has been broken again with 346 foreclosure starts filed in just one month, which is an 17.6% increase from February. Compared to one year ago in Canyon County defaults are up an 114% when 161 defaults were filed in March of 2008.
As the graph below illustrates, the line showing the increase in new foreclosures monthly is almost becoming vertical. Hopefully, the increased efforts by lenders to modify defaulted loans to prevent foreclosures will stop the trend of rising foreclosure filings
Short Sale Listings Set a new Record in March 2009!
The number of short sales has continued to climb locally. At the end of 2008 the number of short sales listed locally reached 1540. January ended the month with 1761 short sale listings and February ended with 2,030 short sales. In March this Number increased to 2,153. This is a 40% increase in short sale listings in just the first three months of this year.
REO's on the Market Lender REO (Real Estate Owned) properties are those that the lender obtains title to after a foreclosure auction when no one else buys the property at auction. When a REO property is then listed by the lender, it is usually sold at a discount off of market value. These discounted properties are similar to short sales by having the effect of depressing overall market prices. At the end of February there were 887 REO’s listed locally, and by the end of March, 2009 this number had increased to 1,090 which was a 23% increase.
Total Distressed Listings Exceed 3,000 Adding the 1090 REO’s to the 2.153 short sales means that there are 3,243 distressed real estate listings in the local market. This is a huge percentage of the total listings. Until the number of distressed listings is significantly reduced it will be difficult for the local real estate market to change direction and start improving.
IdahoDataProviders.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.
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, log on to www.IdahoDataProviders.com or contact Charlie Nate at 208-860-6786
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on this site is for informational purposes only and is not intended as
a substitute for individual due diligence and analysis or any type of
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