Listed Short Sales Dip for Second Consecutive Month
Listed REO Properties increase for 5th Straight Month
After a 9% drop in foreclosure filings during the month of August new foreclosures have continued on their rollercoaster ride we have been seeing in 2010. Filings are back up 21% in September with another 775 default filings recorded in Ada and Canyon Counties.
Since January of 2010 Ada County has averaged 426 default starts a month and Canyon County has averaged a total of 285 default starts. Together Ada and Canyon Counties have averaged 712 foreclosure filings a month to date in 2010.
"It will be no surprise to see another 700 default filings between Ada and Canyon Counties in the coming months through the end of 2010 and into 2011. Expect defaults to continue rolling in by the hundreds throughout 2011" said Charlie Nate president of Idaho Data Providers.com
Ada & Canyon County Notice of Default Statistics
Ada County Filings up 7% from August with 433 Notices of Default Filed in September
After August showed a slight decrease from July with 404 default filings, September is up 7% with 433 Notices being filed in the month.
Comparing Ada County numbers year over year through September, a total of 3,836 notices have been filed so far in 2010 which is up 444% through September of 2007 when 705 defaults were filed and up 76% from 2008 when 2177 homes entered into default. However through September of 2010 Ada County is down 05% compared to the same period in 2009 when 4,021 filings were recorded.
Canyon County Foreclosures up 46% From August with 342 filings in September!
September marks the 3rd highest month in 2010 for Canyon County foreclosure filings with 342 default notices being recorded. Only January and March were higher with 365 and 352 filings in those months.
As the graph illustrates below an average of 712 total foreclosures have been filed each month in 2010 for Ada and Canyon Counties.
Short Sales On Two Month Decline with 2,329 Short Sales Listed in September
Short Sale listings have dropped for two consecutive months down another 5.0% in September. Listings are down from 2,452 listings in August. However along with the government HAFA programs gaining traction along with record amounts of foreclosures entering the market with the majority of the properties being upside down watch for short sale listings to increase
REO Listings Continue Climbing With 1,900 REO's Now Listed
Banks are loaded with huge backlogs of REO properties and they have to be careful to release them slowly so that the real estate market doesn't crash. Watch for banks to strategically release their backlog of homes on the market in a formulated manner. It will take a significant time to funnel these properties into the marketplace. Unfortunately with a steady stream of new foreclosures resulting in new REO's, this process will take many months if not years to be completed.
Total Distressed Listings Decline in August by 2.2%
For months now Idaho Data Providers has been reporting the total number of distressed properties listed in the local IMLS. Make it certain that no real estate recovery can take place until these distressed properties are moved through the foreclosure, short sale, or REO process, which will take years to accomplish. Total Distressed listings have dropped another 2.2% in September with the 5% drop in Short Sales having the the biggest impact on this drop. Total distressed listings are down from 4,325 in August to 4,229 listings in September.
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.
