Treasure Valley NOD Filings Down 10% In April

Idaho Data Providers Market Report – May 2011

Treasure Valley NOD Filings Down 10% In April

Canyon County Filings Down 33%!

Distressed Properties Fall 3% In Valley with 3,919 Listings Listed in April.

With 493 new foreclosures in the Treasure Valley, April default filings were down 10% compared to the 548 filings in March. Although Ada County held steady and was up 23 filings, Canyon County was down an incredible 33% from March resulting in the overall 10% decline.

There is good news for the real estate market. Comparing the 493 filings in April of 2011 to the 744 filings in April of 2010, Treasure Valley filings are down 32% in April from a Year ago. Also In the first quarter of 2010 there were 2,405 default filings in Ada and Canyon Counties. The first quarter of 2011 is down 35% percent with 1,565 filings.

Filings have continued to roll in at a steady pace for years now. There has been only one month with less than 450 recorded defaults since July of 2008. "The large amount of distressed shadow inventory still waiting to be released and paperwork issues that are being worked out will result in foreclosure filings holding steady and more than likely increasing in the coming months" said Charlie Nate President of Idaho Data Providers.

Ada & Canyon County Notice of Default Statistics

Ada County Filings up 7% from March with 335 Notices of Default filed in April

Ada County new defaults climbed 7% over March's 312 notices with 335 filings in April. As summer approaches and the market starts picking up look for banks to start moving to file more foreclosures locally.

Canyon County Foreclosures down 33% with 158 Notices of Default filed in April!

After a huge 32% increase in filings from March over February Canyon County Foreclosure volume dropped back down in almost the same amount that they spiked a month ago. April's 33% drop returns the number of filings to a level that has been more common recently.

The 35% drop in the first quarter of 2010 compared to 2011 can be seen in the graph below.

Listed Short Sales down 1.54% with 2,098 Short Sales Listed In April.

April Short Sale Listings in the Treasure Valley dropped 1.54% with 2,098 listed short sales. Almost all foreclosure starts being filed are short sale opportunities. Recently Freddie Mac and Fannie Mae were ordered to align short sales guidelines which may make the short sale process with these entities much easier. Hopefully the new guidelines will simplify and expedite the short sale process enticing more agents to complete short sales.

REO Listings Down 5.74% In April with 1,821 Listings.

Bank owned listed properties in the Treasure Valley are on a two month slide after their all time high of 1,956 listings in February. Listings were down 1.2% in March and now another 5.7% in April with 1,821 REO listings currently in the IMLS. .

Total Distressed Listings Decrease 3.54% with 3,919 Total Distressed Listings In April.

April shows a slight drop in total distressed listings. This number has been very steady since IDP started tracking this category. Since February of 2009 there has been an average of 3,981 distressed properties listed in the IMLS each month. Short Sales dominated REO listings starting in February of 2009 but REO listings have since increased and Short Sale listings have diminished slightly making the number of Listed Short Sales and Listed REO's almost equal.

IdahoDataProviders.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.

Learn more about IdahoDataProviders.com.