February Sets New All Time Record with 720 Foreclosure Starts!
Short Sale Listings and REO's Flooding the Market! The Treasure Valley saw a steady increase in foreclosure starts throughout 2008 with defaults increasing almost every month throughout the year. The first quarter of 2009 shows no sign of foreclosure starts slowing as there was record breaking numbers of new foreclosures filed in January and February. The 602 new foreclosure starts in the month of January surpassed any month in 2008, and was an all time record for the Treasure Valley. However the January record was shattered in February as foreclosures increased a staggering 19.6 in just one month with 720 foreclosure starts filed in Ada and Canyon Counties!
"This is pretty difficult to stomach for many individuals and other professionals working the real estate market" Idaho Data Providers.com President Charlie Nate said. "This many distressed properties entering the market is having a compounding effect to an already tough situation." Nate Stated. "Until we see these numbers start to level off and start receding, housing prices will continue to decline." Nate Said
To View the complete 2009 housing and foreclosure forecast from IDP go to CLICK HERE
Ada & Canyon County Notice of Default Statistics
Ada County Sets New All Time Record with 426 Defaults Recorded!
Ada County had 342 Notices of Default filed in January, which was a small increase from the 332 notices that were filed in December. However the 426 starts that were filed in February is an all time high for defaults filed in one month in Ada County. This is s 24.6% increase in just one month and a 116% from a year ago when 197 defaults were filed in Ada County.
Canyon County Sets New All Time Record with 294 Defaults Recorded!
Canyon County had a record 260 notices of default filed in January. This is up 15% from December when 227 notices were filed. However the January record was quickly broken with 294 defaults filed in the month of February which was a 13% increase in just one month. Compared to one year ago i CAnyonCounty this is an 85% increase when 159 defaults were filed in Feruary of 2008.
As the graph below illustrates, the line showing the increase in new foreclosures monthly is almost becoming vertical. Hopefully, the increased efforts by lenders to modify defaulted loans to prevent foreclosures will stop the trend of rising foreclosure filings.
Short Sale Listings Break the 2,000 Barrier as they Climb to a New Record in February 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. January ended the month with 1761 short sale listings and February ended with 2,030 short slaes. This was a 32% increase since the end of 2008 and a 15% increase in just the last 30 days.
REO's on the Market
A new category IDP will be adding to its monthly market report will be REO (Real Estate Owned) properties. REO properties are those that the lender obtains title to after a foreclosure auction when no one selse 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. At the end of February there were 887 REO's listed locally.
Total Distressed listings nearing 3,000
Adding the 887 REO's to the 2,030 short sales means that there are 2,917 distressed real estate listings in the local market. This is a huge percentage of the total listings. Until the number of distressed listings is significantly reduced it will be difficult for the local real estate market to change direction and start improving.
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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