Press Release - October 2008 Foreclosure Filings Continue at Record Rate in September 2008 Default Filings in the Treasure Valley Continued at a torrid pace in September 2008 with foreclosures being started against 469 homes. This now makes three consecutive months that local total foreclosure starts have exceeded 460.
This year through September 2008. there have been 3.662 foreclosures started in Ada and Canyon County. This is a 137% increase over the 1.541 starts in the same period in 2007.
Idaho Data Providers President Charlie Nate, stated in response to these record numbers that "Unfortunately the ongoing trends do not show new foreclosure filings slowing down anytime soon. The filings during the first part of October are pointing toward another record month. In fact, I am projecting that locally we may see over 500 new foreclosures in October. That number was incomprehensible only one year ago when we were already well into this crisis and only experiencing jsut over 200 filings a month." Ada & Canyon County Notice of Default Statistics Ada County Ada county had 262 Notices of Default file din September. That's up 98% from September 2007 when 132 defaults were recorded.
Canyon County Canyon county had 207 Notices of Default filed in September, which is up 207% from September 2007 when only 67 defaults were filed!
Over 1,200 Short Sales are Now Listed in the Local Market!
As of September 8th, the number of active short sale listings was 1,095. On October 20th, that number had increased to 1,254, which is a 14.5% increase since the last report! "We have now reached a point where the short sales are beginning to dictate the market price and, unfortunately, that is a falling market price overall," Idaho Data Providers President Nate said today.
Nate further stated, "I believe that the increasing number of short sales is going to result in a decline in home prices in the local market in the coming months as lenders continue to approve short sales below current market values. This will force home sellers to drop their asking prices to compete against the se discounted homes!"
Short sales occur when delinquent homeowners have no equity or are even upside down in their homes and their lender agrees to accept less than the total amount due as full payoff of their loan. Typically, short sales are discounted to sell for 10% to 20% less than current market values.
Idaho Data Providers.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
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.
