1. 
   Market Report - June 2009
   
   Foreclosure Rate Reach Highest In History For Ada County!
   
   New Short Sale Listings set 13th Consecutive Monthly Record!
   
   REO Listings Down 2.8%
   

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   Even though the month of April saw the first drop in foreclosure starts in five months, new defaults rose again in May and were just 9 homes below the record number of 795 set in March. Ada County broke its all time record by 6% with 477 new defaults being filed against Ada County homes. Adding in the new Canyon County defaults the Treasure Valley reached its second highest foreclosure total in history with 784 homes entering into default. So far in 2009 a total of 3613 defaults have been filing in the Ada and Canyon Counties. This is up 96% from 2008 when 1843 defaults were filed in the same period.

   "It looks as if we will be holding steady at this plateau of defaults for many months to come" Idaho Data Providers.com President Charlie Nate said. "Many lenders have held off on filing the default in hopes of negotiating a short sale or loan modification." Nate Stated. "Many of the defaults that I am picking up are from homes that defaulted back in November and December of 2008. So this will take some time to play out" Nate Said.

   Ada & Canyon County Notice of Default Statistics

   Ada County Sets New All Time Record with 477 Defaults in May!

   After Ada County set a new record each month in 2009, reaching its highest point in March with 449 filings, April saw the first downturn of 5% with 424 filings. However, May has set a new all time record with 477 new foreclosure filings. Compared to one year ago in Ada County, default filings are up 105% when 232 defaults were filed in May of 2008

   Foreclosure Rates Second Highest in History for Canyon County!

   After increasing every month in 2009 Canyon County saw its first drop in foreclosure starts in the month of April when starts were down 16% from the record number of 346 filings set in March. May is back up again and is the second highest month in history with 307 defaults filed. Compared to one year ago Canyon County default filings are up 171% when 113 homes had a default filed against them.

   As the graph below illustrates, the line showing the increase in new foreclosures monthly has been very consistent. "It looks as if we will be holding steady at this plateau of defaults for many months to come" Idaho Data Providers.com President Charlie Nate said.

   
   

   Short Sale Listings Set a New Record in May 2009!
   

   The number of short sales has continued to climb locally. At the end of 2008 the number of short sales listed locally reached 1540. Since Then the number of Short Sales has continually increased. May saw another 6.4% increase with 2,544 Short Sale listings.

   
   

   REO's On The Market

   April REO listings were down 7% as REO properties declined by 76 listings to 1014. REO listings dropped another 2.8% in May down to 986 listings. This is a good sign as this decrease could be attributed to lenders trying to modify more loans and approve more short sales to decrease the total properties going to foreclosure auction.

   
   

   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 Exceed 3.500
   
   In April the total number of REO and Short Sale listings combined accounted for the 3405 distressed properties on the market. In May the 6.4% increase in Short Sales dwarfed for the 2.8% decrease in REO listings and increased the total number of distressed properties to 3,530 which was a 3.7% increase from April. This is yet another bad sign for the local real estate market as the number of distressed listings will need decrease in order for the market to change direction and start improving
   
   www.idahodataproviders.com

   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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