Idaho Valley Foreclosures Down 25% in October!

The peaks and valleys of local NOD filings continue. After a 21% increase in September with
775 filings in Ada and Canyon Counties, defaults are back down 25% for the month of October
with 582 filings. The 582 filings is the second lowest monthly total in 2010 only behind June when 557 defaults were recorded.

Since January of 2010 Ada County has averaged 418 default starts a month and Canyon County has averaged a total of 280 default starts. Together Ada and Canyon Counties have averaged 697 foreclosure filings a month to date in 2010.

The decline in Default Starts can be attributed to banks easing up on foreclosures as many questions and concerns have been brought to the surface amid increased scrutiny in the signing and handling of many foreclosure documents. “Look for a temporary slowdown in new filings and also increased postponements of scheduled foreclosure auctions as these concerns are worked out by bank entities and the federal government,” said Charlie Nate president of IdahoDataProviders.com.

Ada & Canyon County Notice of Default Statistics

Ada County Filings Down 19% from September with 349 Notices of Default Filed in October

After seeing a 7% increase in September with 433 Notices being filed in the month, October declined 19% with 349 filings.

Comparing Ada County numbers year over year through October, a total of 4,185 notices have been filed so far in 2010 which is up 380% through October of 2007 when 871 defaults were filed and up 65% from 2008 when 2528 homes entered into default. Through October of 2010 Ada County is down 7% compared to the same period in 2009 when 4,515 filings were recorded.

Canyon County Foreclosures down 32% from September with 233 filings in October!

After the 3rd highest monthly total so far in 2010 with 342 filings in September Canyon County declined 32% with 233 filings in October.

Comparing Canyon County numbers year over year through September, a total of 2,801 notices have been filed so far in 2010. This is up 282% through September of 2007 when 732 defaults were filed and up 63% through July of 2008 when 1,709 homes entered into default. However through September of 2010 Canyon County is down only 24 properties compared to the same period in 2009 when 2,825 filings were recorded.

As the graph illustrates below an average of 697 total foreclosures have been filed each month in 2010 for Ada and Canyon Counties.

Short Sales Down Slightly With 2,291 Short Sales Listed in October

Short Sale listings have dropped for three consecutive months down slightly another 2.0% in October with 2,291 Short Sale listings. With a slight decrease in foreclosure starts look for short sale listings to hold steady at this plateau in the coming months.

REO Listings Drop for the first time in 10 months down only 2% With 1,864 Listings.

REO Listings have dropped in the Valley for the first time in 10 months! This holds true to Idaho Data’s perspective that banks will “strategically release their backlog of homes on the market in a formulated manner” as to not flood the market with more distressed properties. Also the postponement of many foreclosure auctions is the major variable in the slight drop in REO Listings as banks have not been able to take back properties at foreclosure auctions as they are being postponed for the time being to clear up increased scrutiny of banks handlings of foreclosure documents.

Total Distressed Listings Decline in October Another 2%

Total distressed listings are down from 4,229 listings in September to 4,155 listings in October.

For months is has been Idaho Data’s opinion 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. Now that many banks have slowed their foreclosure filings, this process will take even longer to be completed.

Idaho Data Providers.com is Idaho’s and the Treasure Valley’s local source for current, accurate and detailed foreclosure listings. Foreclosures are updated and tracked daily.

For questions or inquiries about this report please contact Charlie Nate at 208-860-6786. 

To learn more about IdahoDataProviders.com, please click here.

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