Bank Owned Properties Remain Steady With 1,850 Listings!
After three straight months of decline Treasure Valley mortgage defaults increased 26% in July with 700 notices filed.
The decline in filings from April to June was predominately due to the two Government programs that have been implemented to try and help borrowers avoid foreclosure. The Home Affordable Modification Program (HAMP), and the Home Affordable Foreclosure Alternatives Program (HAFA).
Now that these programs are off and rolling the increase in July is driven by the recent increase in HAMP cancellations. Now most default filings are for loans that are in very late stages of delinquency (six months of non payment). "We can expect to see these types of delinquent loans start to trickle in each day over the next couple of months and should see greater volumes in default filings!" said Charlie Nate president of Idaho Data Providers.com. "However it will take many months for this 'shadow inventory' that these programs have created to be fully processed through the foreclosure timeline."
Ada & Canyon County Notice of Default Statistics
Ada County Notices UP 27% from June with 433 Notices of Default Filed In July!
This is the first month since March that notices have not dropped in Ada County. However with 433 filings in July it looks as if Ada County is back on and upward trend. July saw a dramatic increase with 133 more homes entering into default than June.
Comparing Ada County numbers year over year through July, a total of 2,999 notices have been filed so far in 2010 which is up 337% through July of 2007 when 685 defaults were filed and up 86% from 2008 when 1611 homes entered into default. However through July of 2010 Ada County is down 04% compared to the same period in 2009 when 3,145 filings were recorded.
Canyon County Foreclosures UP 23% with 267 Filings in July!
Canyon County filings are on the same trend as Ada County. After three consecutive months of decline July numbers are back on the increase. Up 23% with 267 filings compared to 217 in June.
Comparing Canyon County numbers year over year through July, a total of 1991 notices have been filed so far in 2010. This is up 348% through July of 2007 when 444 defaults were filed and up 81% through July of 2008 when 1099 homes entered into default. However through July of 2010 Canyon County is down 03% compared to the same period in 2009 when 2059 filings were recorded.
As the graph illustrates below after three months of decline filings increased in July.
2,546 Short Sale Listings in July Down 1.59% from June!
Short Sale listings dropped another 1.59% in July. Listing are down from 2,587 listings in June to 2,546 listings in July.
REO Listings Continue Climbing With 1,850 REO's Now Listed
As more properties are going back to bank watch for home prices to fall even further 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 to rise and prices to fall. More homeowners will slip into negative equity which will lead to even more foreclosures
Distressed Listings Hold Steady In July!
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. With 2,546 Short Sales and 1,850 REO’s a total of 4,419 distressed properties are listed in this local market
Data
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a substitute for individual due diligence and analysis or any type of
professional advice.
