Press Release -December 2008 Great News for the Treasure Valley! Foreclosure Starts Down 41%
However still up 123% Through Same Period in 2007. After an all time record 22.6% increase in foreclosure starts from September to October 2008, November numbers look much better for the Treasure Valley. The Treasure Valley saw 406 foreclosure starts compared to 575 starts in October which is down 41% month over month. "Any drop in these record foreclosure numbers is great news for the Treasure Valley as it has been trying to shed excess inventory for the past two years. This is the lowest monthly total seen in four months when 389 defaults were filed in June 2008." Idaho Data Providers.com president Charlie Nate, stated in response to this decline.
However , overall the numbers are still at record highs. This year through November 2008, there have been 4,643 foreclosures started in Ada and Canyon County. This is a 123% increase over the 2091 starts in the same period in 2007.
November has traditionally experienced a 'Seasonal Slow Down' with respect to how many foreclosures are filed. We usually see a jump in starts from September in October. Then we usually have a seasonal slow down for November and December, and I expect to see around 400 defaults filed within each month." Nate Stated.
Compoundin the "Seasonal Slow Down" were the actions of government mortgage giants Freddie Mac and Fannie May who announced that they have cordered servicers of mortgages owned by these two entities to suspend all saled of foreclosure properties from 11/26/08 to 01/09/09. This is intended to give Freddie and Fannie time to finalize details for a streamlined loss mitigation program that will target homewoners who are delinquent in their last three months of mortgage payments, hopefully keeping people in their homes or allowing them time to complete short sales. Ada & Canyon County Notice of Default Statistics
Ada County Ada County had 221 Notices of Default filed in November. This is down 59% from October when 351 Notices were filed. However this is still up 49% from November 2007 when 148 defaults were filed.
Canyon County Canyon County had 184 Notices of Default filed in November. This is down 21% from October when 224 Notices were filed. However, this is still a 59% increase from November 2007 when 116 defaults were filed.
Short Sales Still Increasing The number of Short Sales has continued to climb locally. There were 1312 short sales listed on October 1, 2008. On November 1, 2008 this number has climbed to 1.439, representing a 9.7% increase in shor sale listings in just one month.
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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