Ada County Foreclosures Drop for First Time in Three Months!
Short Sale & Reo Listings Still Climbing
Total Distressed Property Listings Exeed 3900
After an all time record of new default notices totaling 819 in July, the Treasure Valley saw a 10% decline in foreclosure starts for the month of August when 736 were filed.
"A 10% decline is always a good sign but when we are talking record numbers of 700 to 800 foreclosures month over month like this its still pretty tough to take" Idaho Data Providers.com President Charlie Nate said. "Hopefully in the coming months to come this trend will continue but I am not optimistic that we will see that" Nate Said
Ada & Canyon County Notice of Default Statistics
Ada County Foreclosures drop for the first time in three months!
After breaking the 500 barrier for the first time ever in July and climbing almost every month in 2009, Ada county saw its first drop in foreclosure starts since April with 463 new foreclosures, down 13% from July's record of 534 notices. Since January of 2009 a total of 3,608 new foreclosure starts have been filed in Ada County. This is up 352% from 2007 when 797 starts were filed during the same period and is up 88% from 2008 when 1,915 starts were filed
Foreclosure Rates Hold Steady in Canyon County!
Canyon County new foreclosure starts have been fairly stable for the past few months averaging just over 280 new foreclosures each month. August filings are down 4% with 273 starts compared to that of 285 starts filed in July. So far in 2009 a total of 2332 new foreclosure starts have been filed in Canyon County. This is a 327% increase from 2007 when 545 starts were filed and an 82% increase over 2008 when 1,278 starts were filed in the same January through August period.
As the graph below illustrates, there was a slight decrease in foreclosure starts last month in both counties!
Rate of Increase in Short Sale Listings Slows Down!
Even though the rate of short sale listings has seemed to start slowing down we are still seeing month over month increases in short sale listings. August is up 2.98% over July with a total of 2,765 short sale listings.
New REO Listings Still Increasing
After reaching a low point of 986 listings in May, REO’s have been increasing every month since. August was up another 6.53% over July with a total of 1,175 listings.
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 Exceed 3900!
Together, new short sale listings, and new bank owned REO's caused the total number of distressed properties on the local real estate market to rise another 4.01% in August. We now have a total of 3940 distressed properties listed in our local real estate market. In order for the market to change direction and start improving these distressed properties will need to be cleared out to make way for the additional hundreds of new distressed properties that are in the foreclosure pipeline.
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