No end in sight for Boise area foreclosures 
by admin
Published: January 7,2010
Time posted: 1:00 am
The number of foreclosures filed in Ada and Canyon counties in 2009 rose 66 percent over the total from 2008.
IdahoDataProviders.com reports that 8,639 foreclosures were initiated in the two counties last year, compared to the 5,202 filed in 2008. Both totals dwarfed the 2,402 foreclosures filed in 2007.
December 2009 foreclosure starts were down 8 percent from November 2009 in the area.
IdahoDataProviders CEO Charlie Nate said in a press release he anticipates a “continued, constant and record stream of distressed properties” going into foreclosure in 2010.
“Government efforts to stem the foreclosure tide through its loan modification program (HAMP) have failed miserably and there are no other real solutions on the drawing board to stop or prevent foreclosures,” he said.
Local home prices will fall another seven to 10 percent this year, a prediction backed by national economists.
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