Record Distressed Property Listings up again by 3.31%
REO Listings Continue to Increase
March brought a massive new wave of foreclosure starts to the Treasure Valley. Up 28% over February 949 starts were filed in both Ada and Canyon Counties. This is largest month over month increase of foreclosure filings ever recorded for Ada and Canyon Counties. Ada county lead the way with the highest ever total of 597 filings a 30% jump over last months 420 filings and Canyon county almost reached its highest one month total with 352 filings just 13 filings shy of January's 365 filings which was the highest one month total ever recorded for Canyon County. "This could very well be the new second wave of foreclosures that we have been expecting to hit market for some time now" but until we see the number of filings for April it may be too early to identify a 'second new wave' trend, said Charlie Nate president of Idaho Data Providers.com
These numbers are holding true to IDP's prediction that there will be a constant and record stream of distressed properties entering into the foreclosure pipeline and keeping inventory levels abnormally high in 2010 and that a bottom to the housing market and the beginning of a real recovery is unfortunately still at least one year away.
Ada & Canyon County Notice of Default Statistics
Ada County Reaches a New All Time Record up 42% with Another 597 Homes Having a Notice of Default Filed
Ada County had another 597 homes enter into default which is a 30% increase from the 420 homes that had a Notice of Default filed on them in February. This is the highest level ever reached in Ada County!
Comparing Ada County numbers year over year through March, a total of 1425 notices have been filed so far in 2010 which is up 425% through March of 2007 when 271 defaults were filed. Up 125% from 2008 when 633 homes entered into default, and up 17% through February of 2009 when 1217 filings were recorded.
March Canyon County Foreclosure Rates Back up 33% over Feruary with 352 Filings!
After Canyon County saw its all time record of foreclosure starts filed in January with 365 filings its numbers dropped 27% in February. March is back up significantly to almost reach its highest level with 352 filings just 13 shy of the record 365 in January.
Comparing Canyon County numbers year over year through March, a total of 980 notices have been filed so far in 2010 this is up 426% through March of 2007 when 186 defaults were filed. Up 117% through March of 2008 when 450 homes entered into default, and up 08% through March of 2009 when 906 filings were recorded.
As the graph illustrates below the sharp Increase in both Ada and Canyon County filings has resulted in a new record plateau never before seen in the Treasure Valley.
Short Sales Hold Steady with 2,694 Listings!
Many homeowners continue to list their underwater properties! Once few and far between Short Sales have become the hottest topic as a solution to the foreclosure epidemic and they can provide agents a profitable real estate business even in a down real estate market.
Short Sales listings are holding steady with 2,694 active listings in the IMLS. This is up just slightly from February when 2,669 homes were listed as a short sale
REO Listings Continue to Climb for the 4th Straight Month!
IMLS REO listings continue to climb rapidly! Bank owned properties have been climbing steadily since January when 1,452 bank owned properties were listed. Four months of increase now have 1,734 Bank Owned properties listed in the IMLS!
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.
Record Distressed Listings up another 3.31% in March!
We entered 2010 with the highest level of distressed properties on the market ever recorded for this area. With a steady increase since May of 2009 we have now reached a total of 4,428 distressed listings.
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