Idaho Data Providers Market Report Shows Latest Trends in Idaho

Guest contributor Charlie Nate released the following report:

Idaho Data Providers Market Report – March 2011

Don’t let the early drop in foreclosure filings in 2011 fool you!  Last month the foreclosure arena continued with more paperwork issues affecting the filing of the notice of default which is the first step in foreclosing on a home.   Many major banks have halted their filings until their processes are reviewed.  This had a major impact locally on treasure valley filings as February had the lowest number of new foreclosure filings in over two years!

“As February was very slow in the beginning defaults started picking up in the last week of the month and I expect filings in March to increase significantly over February and continue an upward trend through the coming months,” said Charlie Nate president of IdahoDataProviders.com.

Ada & Canyon County Notice of Default Statistics

Ada County Filings down 17% from January with 271 Notices of Default filed in February

Ada county new default filings have started off very slow in 2011.  January had 328 filings which was lower than any monthly total in 2010.  Filings dropped another 17% in February with 271 filings.   As document procedures are cleaned up and banks start to release backlogs look for filings to rapidly increase in March and the coming months.

Canyon County Foreclosures down 26% with 178 Notices of Default filed in February!

February filings were down significantly in Canyon County with only 178 Notices.  To find a lower monthly total of Notice of Default filings for Canyon County one would have to go all the way back to June of 2009 when 165 notices were filed.   No doubt that paperwork procedure reviews impacted Canyon County filings in February as well.  However look for Canyon County to follow the same trend as Ada County in the coming months with default filings increasing greatly.

Short Sales down 1.0% from January with 2,128 Short Sales Listed in February

With the recent major downturn in home values almost all new foreclosures are short sale opportunities.  The listed number of short sales has followed the trend line of new filings of notices of default respectively.  As foreclosure starts increase in the coming months look for short sale listings to also increase as homeowners take this route to get out from under their underwater mortgage.

REO Listings Up 3.0% over January.

Banks continue to take back properties at foreclosure auction as bank’s opening bids do not come in low enough for investors to make a profit.   REO listings are on a two month increase with 1,899 REO’s listed in January and February up another 3% with 1,956 REO listings.  Slowly but surely these properties are being funneled through the process which looks to be here for years to come.

Total Distressed Listings Increase 1% with 4,084 Total Distressed Listings.

REO listings made up for the slight decline in Short Sale listings increasing the total number of distressed properties listed in the IMLS.  With paperwork issues being resolved on both ends of the foreclosure process and plenty more foreclosures on the way look for an increase in both these categories in the coming months.