·
Treasure Valley Foreclosures Up After Two Month Decline!
·
Short Sales Down
3.8% REO's up 7.4%
·
Total Distressed Property
Listings Remain Unchanged!
After two straight months of
decline in foreclosure starts the months of August and September were down a
combined total 29% from the peak 819 Starts filed in July. However, October is back up 31% over
September with a total of 790 foreclosure starts being filed in Ada and Canyon
Counties.
"After seeing the 31% increase in
October this brings foreclosure starts back up to the consistent plateau that
we have been seeing throughout 2009. Historically in the past years we see a
general seasonal slow down in the months of November and December and so we
should see between 600 and 700 starts being filed in each of the next two
months. This should give the local real
estate community some time to clear some of these distressed properties off the
market as January could very well bring another huge spike in distressed
properties." Idaho Data Providers.com
President Charlie Nate said
Ada & Canyon County Notice of Default Statistics
Ada County Foreclosures up 19%
After two months of decline with September
experiencing 413 new foreclosures the lowest monthly total of foreclosure
starts since last January. October is
back up 19% with 494 starts filed
Since January of 2009 a total of
4,504 new foreclosure starts have been filed in Ada County. This is up 311% from 2007 when 1095 starts
were filed during the same period and is up 78% from 2008 when 2,528 starts
were filed. .
Foreclosure Rates Up 53% in Canyon County for October!
After being down a substantial
41% last month with only 193 new filings
Canyon County
rebounded significantly in October with 296 filings which is a 53% increase! This brings foreclosure starts back up to the
level previously seen throughout 2009 with 280 - 300 filings each month
So far in 2009 a total of 2,815 new
foreclosure starts have been filed in Canyon County. This is a 284% increase from 2007 when 732
starts were filed and a 65% increase over 2008 when 1,709 starts were filed in
the same January through September period.
As the graph below illustrates, there
was a sharp rebound after two consecutive months of decline in foreclosure
starts in both counties!
October Shows First Decline In Short Sale Listings Since May 08!
After sharp increases month over
month in early 2009, the increase in short sale listings has leveled off in the
past few months only seeing slight increases.
October saw the first decline in short sale listings since May of
2008! Although still a very high total
of 2,701 short sale listings October was down 3.8% from September's 2,804 listings.
New REO Listings Up 7.4%
Increasing every month since May,
REO listings saw their biggest spike so far in 2009! October had a total of 1,255 bank owned
properties listed which is a 7.4% increase.
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
Total Distressed Listings Hold Steady at 3,956 Listings!
The reduction in Short Sales was
made up for by the increase in REO'S resulting in total distressed listings
remaining virtually unchanged in October.
Total distressed listings are 3,956 slightly down .04% from September's
3,972 total distressed listings.
Data
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
professional advice.
