Treasure Valley Defaults Return to Normal Levels In Apri !
Distressed Property Listings Hold Steady!
2,660 Short Sales and 1,734 REO's Locally!
After a record breaking 949 Foreclosure Starts in March, Notices of Default filings on homes in the Treasure Valley has returned to the normal high levels that we have experienced in the latter part of 2009 and early 2010. April is back down 21% with 744 starts filed in the Ada and Canyon Counties. The average since January of 2010 is 787 foreclosure starts in both Ada and Canyon Counties. Ada County has led the way with an average of 468 starts and Canyon County following up with an average of 319 starts
"These numbers are holding true to IDP's prediction at the end of 2009 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" Said Charlie Nate President of Idaho Data Providers.com.
Ada & Canyon County Notice of Default Statistics
April Ada County Down 25% from March with 447 Notices of Default Filed
Ada County Foreclosure Starts were down 25% with 447 starts filed in April after the record breaking 597 defaults filed in March. The 25% decline is a little deceiving as 447 filings is still the second highest monthly total in 2010.
Comparing Ada County numbers year over year through April, a total of 1872 notices have been filed so far in 2010 which is up 418% through April of 2007 when 361 defaults were filed. Up 109% from 2008 when 894 homes entered into default, and up 14% through April of 2009 when 1641 filings were recorded.
April Canyon County Foreclosure Down 16% From March with 297 Filings!
April Foreclosure Starts in Canyon County are down 16% from March with 297 filings. March was just 13 filings short of the all time record that was reached in January which was 352 filings.
Comparing Canyon County numbers year over year through April, a total of 1277 notices have been filed so far in 2010 this is up 380% through April of 2007 when 266 defaults were filed. Up 111% through April of 2008 when 604 homes entered into default, and up 07% through April of 2009 when 1194 filings were recorded.
As the graph illustrates below the sharp Increase in both Ada and Canyon County filings have reached in a record plateau never before seen in the Treasure Valley.
Short Sales Hold Steady with 2,660 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 2,660 active listings in the IMLS. This is down just slightly from April when 2,694 homes were listed as a short sale.
REO Listings Remain Unchanged With 1,734 REO's Listed
After four months of a steady increase in REO listings bringing us to a peek of 1,734 Bank Owned properties listed in the IMLS, REO listings are unchanged from March and still hold steady at the 1,734 listings 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.
Distressed Listings Down Only 0.77 in April!
We entered 2010 with the highest level of distressed properties on the market ever recorded for this area. With 2,660 short sale listings in April and 1,734 REO’s listed we now have a total of 4,394 distressed properties listed in the IMLS which is down slightly 0.77% from the 4.428 listings in March.
Data
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a substitute for individual due diligence and analysis or any type of
professional advice.
