1. 
   Press Release - January 2009
   
   December marks second highest monthly foreclosure total in 2008
    
   Local Foreclosures in 2008 increased over 115% compared to 2007
   
   Foreclosures will Continue to Increase through 2009!

   Short Sales Continue to break records

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   The Treasure Valley saw a steady increase in foreclosure starts throughout 2008 with defaults increasing almost every month throughout the year. In past years the biggest month over month increase occurred between September and October, 2008 when it was 22.6%. However, December of 2008 set a new record with a 38% increase over November with 559 foreclosure starts filed compared to 406 in November. Idaho Data Providers expects this trend to continue throughout 2009 for a number of reasons that all will result in more foreclosures.
   
   

   The Re-foreclosure Problem

   While lenders are modifying the loans of people in foreclosure at record rates to pull them out of foreclosure, the newest statistics are showing that over 50% of these modified loans are delinquent again within 90 to 180 days and will be back in foreclosure.

   Increasing Loan Delinquencies

   It has been reported by Transunion LLC that the number of severe delinquencies not including these already in foreclosure among mortgage holders has increased more than 50% over year ago levels.

   Mortgage Resets and Declining Property Values

   Mortgage resets on the 5 year ARMs (adjustable rare mortgages) will be steeply accelerating in 2009 and will exceed the total number of subprime 2 year ARMs that have reset over the past two years. Property values are continuing to fall, resulting in more and more homeowners under water.

   Rising Unemployment

   The loss of 533,000 jobs in November and 693,000 in December are at the highest levels in 34 years, causing the overall unemployment rate to rise to decade long highs.

   Tighter Credit

   Despite significant prodding and efforts from the government, new stringent credit requirements for new loans are creating a road block for most new buyers trying to purchase a property and for existing borrowers trying to refinance out of their bad loans

   Housing Inventory Remains High

   Despite new construction plummeting the flood of distressed properties coming on the market has kept housing inventories at record levels

   Distressed Property Sales

   The ever increasing number of sales of Foreclosures, Short Sales, and lender REO properties at below market prices will continue to pull down market prices of non distressed properties.

   To View the complete 2009 housing and foreclosure forecast from ADP go to http://www.americandataproviders.com/ADP/outlook
   
    
   Ada & Canyon County Notice of Default Statistics

   Ada County Total 2008 Foreclosures up 115% from than 2007

   Ada County had 332 Notices of Default filed in December. This is up 50% from November when 221 Notices were filed. In 2008 Ada County had a total of 3081 foreclosure starts filed compared to 1433 in 2007 which is a 115% increase year over year.

   Canyon County Total 2008 Foreclosures up 121% from 2007

   Canyon County had 227 Notices of Default filed in December. This is up 22% from November when 185 Notices were filed. In 2008 Canyon County had a total of 2122 foreclosure starts filed compared to 959 in 2007 which is a 121% increase year over year.

   
   

   Short Sale Listings climb over 17% in last two months of 2008

   The number of Short Sales has continued to climb locally. There were 1312 short sales listed on November 1, 2008. On December 1, 2008, this number has climbed to 1,439, and on December 31^st the number of short sales listed reached 1540. This is an increase in total short sale listings of 17.3% in only the last 60 day of 2008. Short Sales will remain a large part of our local market in 2009
   
   
   

   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.

   
   
   
   
   
   
   
   
   
   

   
   

   
   
   
   
   
   
   
   

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