NewShort Sale Listings set 12th Consecutive monthly Record!
REO Listings down 7%
In the first three months of 2009 there had been an increase in foreclosure starts every month making up a record 2,117 foreclosure starts 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. In the Month of April however the Treasure Valley saw its first decrease in new foreclosures since November 2008. There were 712 foreclosure starts in April compared to the record number in March of 795.
"Now that we have reached what looks like the highest point of 795 starts in March we should be holding steady around this plateau for some months to come." Idaho Data Providers.com President Charlie Nate said. "This is definitely a good sign that we did not see another record in April but the 712 filings are still the 3rd highest month in history for the Treasure Valley." Nate Said.
Ada & Canyon County Notice of Default Statistics
Ada County Down 5% from the record od 449 filings set in March!
After Ada County set a new record each month in 2009, reaching its highest point in March with 449 filings, April brings the first downturn, down only 5% with 424 filings. This may be a good sign for Ada County but is still to early to call this a downward trend. Compared to one year ago in Ada County default filings are up 62% when 261 were filed in April of 2008
Canyon County Foreclosures Starts drop 16%!
Canyon County had a steady increase in starts for the first three month of 2009. However, Canyon County is down 16% from the record 346 foreclosure starts set in March with only 288 filings in April. However, compared to April of 2008 this is still up 87% when 154 starts were filed
As the graph below illustrates, the line showing the increase in new foreclosures monthly has been very consistent. The month of April brings the first decline in 2009. Hopefully, this is due to the increased efforts by lenders to modify defaulted loans to prevent foreclosures, and also by approving Short Sales that over time will stop the trend of rising foreclosure filings.
Short Sale Listings Set a A New Record in April 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. By March this Number increased to 2,153. April set another record with 2,391 Short Sales which is an 11% increase in one month.
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. However April shows that REO listings are down 7% as REO properties declined by 76 listings to 1014. The decrease could be attributed to lenders trying to modify more loans and approve more short sales to decrease the total properties going to foreclosure auction.
Total Distressed listings exeed 3,000.
Adding the 1014 REO’s to the 2,391 short sales means that there are 3,405 distressed real estate listings in the local market. This is up 4.99% from March when 3243 Short Sales and Reo’s were listed. This is a huge percentage of the total listings on the market. 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.
Data
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a substitute for individual due diligence and analysis or any type of
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