Idaho Data Providers Market Report - September 2010
· Year Over Year Trend of Decline in New Foreclosures Continues!
· Short Sales Drop 5.5% in August!
· Bank Owned Listed Properties Increase for fourth Straight Month.
Notice of Default filings in the Treasure Valley dropped in August compared to filings recorded in July. Down 9% with another 639 homes having a notice filed against them.
A steady stream of foreclosures has been flowing into the Treasure Valley's real estate market for over 2 years now. Since January of 2010 a total of 5,629 homes have entered into the Foreclosure process. The lowest number of homes having a default filed against them occurred in June when 557 homes entered into default and the highest level of filings occurred in March when 949 homes had a default filed against them.
"Be sure to expect a steady stream of foreclosure filings each month as huge shadow inventories of delinquent loans are foreclosed on each month. Being careful not to flood the market all at once these delinquent loans will be doled out by servicers for many months if not years to come" said Charlie Nate president of Idaho Data Providers.com
Ada & Canyon County Notice of Default Statistics
Ada County Filings Down 7% from July with 404 Notices of Default Filed in August
After reaching an all time high in March default filings decreased for three consecutive months only to increase again in July. August shows another slight decrease but is still rolling with the trend of record high foreclosures with 404 Ada county homes having a notice filed against them.
Comparing Ada County numbers year over year through August, a total of 3,403 notices have been filed so far in 2010 which is up 493% through August of 2007 when 573 defaults were filed and up 78% from 2008 when 1915 homes entered into default. However through August of 2010 Ada County is down 06% compared to the same period in 2009 when 3,608 filings were recorded.
Canyon County Foreclosures Down 12% from July with 235 Filings in August!
Canyon County filings are on the same trend as Ada County. After three consecutive months of decline Since March, July numbers were back on the increase up 23% with 267 filings compared to 217 in June. However August showed a 12% decline with 235 filings.
Comparing Canyon County numbers year over year through August, a total of 2,226 notices have been filed so far in 2010. This is up 308% through August of 2007 when 545 defaults were filed and up 74% through July of 2008 when 1278 homes entered into default. However through August of 2010 Canyon County is down 04% compared to the same period in 2009 when 2,332 filings were recorded.
As the graph illustrates below defaults starts dropped 9% in August after a short spike in July
2,452 Short Sale Listings in August Down 5.5% from July!
Short Sale listings dropped another 5.5% in August. Listings are down from 2,546 listings in July to 2,452 listings in August. However with record amounts of foreclosures entering the market with the majority of the properties being upside down watch for short sale listings to increase.
REO Listings Continue Climbing With 1,873 REO's Now Listed
REO properties increased again in August! More REO properties equals declining real estate prices. As more properties are going back to bank watch for home prices to continue to fall as these REO properties will be sold at rock bottom prices. Now that the banks are stuffed with REO properties on the books, the release of the backlog of homes has begun. That will cause housing inventories of properties for sale to rise and prices to fall. More homeowners will slip into negative equity which will lead to even more foreclosures.
Total Distressed Listings Decline in August by 2.2%!
For months now Idaho Data Providers has been reporting the total number of distressed properties listed in the local IMLS. With a record number of loans entering into default and countless people upside down on their mortgage Short Sale and REO listings will dominate the market for years to come and until these properties are cleared out of the market no real recovery can begin to occur. Total Distressed listings were actually down in August because of the 5.5% decline in short sale listings. With 2,452 Short Sales and 1,873 REO's a total of 4,325 distressed properties are listed in the local market
IdahoDataProviders.com (IDP) is a local foreclosure data company, which tracks all loans entering foreclosure on a daily basis in Ada & Canyon 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 http://www.idahodataproviders.com/ or contact Charlie Nate at 208-860-6786
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.
