After a 10% decline in foreclosure starts in August, the Treasure Valley saw another drop last month. Down from the 736 starts that were filed in August, Ada and Canyon counties combined for only a total of 595 loans entering into foreclosure. This was was a 19% decrease in just one month. This decline nearly matches the 21% decrease the rest of the country experienced last month.
"A significant reason for the decline is attributed to lending institutions trying to 'hold off' starting new foreclosures on loans that are delinquent in the hope that a short sale or a loan modification can be worked out. Lenders are under tremendous pressure from the government to modify loans" Idaho Data Providers.com President Charlie Nate said. "Because of this October should continue the same trend. Also, historically we see a general seasonal slow down in new foreclosures the months of November and December. However, the total number of loans falling past due is still increasing every month and there are just too many new loans entering the foreclosure pipeline that will not be able to be negotiated or saved. Iím afraid that in January we will see another huge spike in new foreclosures." Nate said.
Ada County Forelcosures Drop Again!
Ada county foreclosure starts dropped again last month. This is the first time Ada County as seen two consecutive months of decline since May of 2008 which was very short lived. With 402 starts filed in September last month was down 13% from the 463 notices filed in August.
Since January of 2009 a total of 4,010 new foreclosure starts have been filed in Ada County. This is up 331% from 2007 when 929 starts were filed during the same period and is up 84% from 2008 when 2,177 starts were filed.
Foreclosure Rates Down 41% in Canyon County for September!
Canyon County new foreclosure starts were down a substantial 41% last month. With 193 new filings compared to 273 filings in August. Filings in Canyon County had been fairly stable with new filings averaging in the 280's.
So far in 2009 a total of 2,525 new foreclosure starts have been filed in Canyon County. This is a 312% increase from 2007 when 612 starts were filed and a 70% increase over 2008 when 1,485 starts were filed in the same January through September period.
As the graph below illustrates, there have been two consecutive months of decrease in foreclosure starts in both counties!
September Short Sale Listings Continue to Hold Steady!
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. August was up 2.98% over July with a total of 2,765 short sale listings. Septemberís pace was even slower and was up only 1.4% with a total of 2,804 listings.
New REO Listings Still Increasing
Increasing every month since May, REO listings were up another 2% in September, ending with a total of 1,168 listings compared to 1,145 listings in August.
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 Continue Climbing, Now Exeed 3900!
Total distressed listings rose again in September. Up another 32 properties which is a 1.6% increase over the 3,940 distressed listings reported for August. We now have a total of 3,972 distressed listings in our local market
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.