Idaho Data Providers Market Report – February 2011

More foreclosure paperwork court cases slow NOD filings.

Treasure Valley starts 2011 with 568 Notice of Default filings.

4,046 Total Distressed Properties Currently Listed - Up 5.4% from January

The foreclosure crisis continues into 2011 but its end looks to be delayed even further with new problems and complaints affecting the first step in the foreclosure process, the filing of the Notice of Default. The filing of the NOD starts the formal foreclosure process in non-judicial states, which means the foreclosure does not go through a court process. Idaho is one of 27 non-judicial states.

The arguments by borrower's attorneys are that whoever signs the NOD must have knowledge of the facts of the default and also that many notices are invalid because the employees who sign them work for companies that do not have the standing to foreclose. In many cases the final individual who signs the document is working for a servicer who is an agent of another entity who is in turn an agent for another different agency and so on down the chain. In the past, these arguments slowed foreclosure filings in the judicial foreclosure states. Now, because these arguments are being raised in the non-judicial states, we are already seeing a significant decline in new foreclosure filings while the servicers and lenders review their procedures.

"This will cause a delay in the filing of Notices until this process is cleaned up slowing and stretching out the foreclosure crisis even further," said Charlie Nate, president of IdahoDataProviders.com.

Ada & Canyon County Notice of Default Statistics

Ada County Filings down 13% from December with 328 Notices of Default Filed in January

Ada County new defaults dropped 13% in January with 328 notices filed. January's 328 filings is lower than any monthly total in 2010 except for November which had 284 filings. As document procedures are cleaned up look for filings to rapidly increase in the coming months.

Canyon County Foreclosures up 31% with 240 Notices of Default filed in January!

Canyon County had 240 notices filed in January which is up 31% over December when 183 notices were filed. Canyon County defaults averaged 263 filings per month in 2010. January starts out 2011 well below this monthly average but it should pick up in the coming months.

The Treasure Valley started 2011 with 568 NOD filings in January.

Short Sales up 3.5% from December with 2,147 Short Sales Listed in January

After a significant drop of 12.4% from November to December short sale listings have bounced back and are back up 3.5% in January. As Housing prices continue to struggle locally watch for short sale listings to increase as more homeowners realize their home is not worth what they owe on their mortgage.

REO Listings Up 6.6% after Three Consecutive Months of Decline

Banks are still taking back a record number of properties from foreclosure auctions and are now starting to release more of these properties into the market. There are now 1,899 REO properties listed in the IMLS.

Total Distressed Listings Increase 5.4% after 6 month Consecutive Decline.

With both Short Sales and REO properties increasing, total distressed listings have reversed the downward trend that lasted 6 months. There are currently 4,046 distressed properties listed. This is up from 3,838 total distressed listings in December. As springtime approaches and more sellers enter the market look for this number to increase as well.

Idaho Data Providers.com is Idaho's and the Treasure Valley's local source for current, accurate and detailed foreclosure listings, with detailed profiles pages for each property in the foreclosure process. Our database is updated and tracked daily. For questions or inquiries about this report please contact Charlie Nate at 208-860-6786.