Treasure Valley defaults drop

Foreclosure notices were down 20 percent since April.

Treasure Valley defaults have dropped for the second consecutive month. That’s according to Idaho Data Providers June market report. In March 2010, 949 mortgage notice defaults were filed. That figure marked an all time peak. Since then however, 744 notices were filed in April, declining again to 584 filings in May.

In Ada County, foreclosure notices were down 20 percent since April, and also marked the second month of decline, after setting a record of 597 filings the month prior. Foreclosures were down even more in Canyon County, down 23 percent during that time frame to 230 filings.

One reason filings have dropped is in part to the new Affordable Foreclosure Alternatives Program. It’s a short sale program for homeowners who are unable to stay in their home even with a loan modification under the Affordable Modification Program. That program, which started in April, allows for all loans in default to be evaluated to see if they qualify for a short sale.

In total, there are 2,623 short sale listings in the Intermountain Multiple Listing Service. Short sale listings are down from April when 2,660 properties were listed as a short sale.

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3 Responses to “Treasure Valley defaults drop”

1. Twitter Trackbacks for Idaho Business Review » Blog Archive » Treasure Valley defaults drop [idahobusinessreview.com] on Topsy.com Says:
   June 8th, 2010 at 9:40 am

   [...] Idaho Business Review » Blog Archive » Treasure Valley defaults drop idahobusinessreview.com/blog/2010/06/08/treasure-valley-defaults-drop/ – view page – cached Tags: foreclosures, Idaho Data Providers, Intermountain Multiple Listing Tweets about this link Topsy.Data.Twitter.User['boisemortgage'] = {”photo”:”http://a1.twimg.com/profile_images/248951558/boisemortgage_normal.jpg”,”url”:”http://twitter.com/boisemortgage”,”nick”:”boisemortgage”}; boisemortgage: “Idaho Business Review » Blog Archive » Treasure valley defaults drop http://bit.ly/9CidZc ” 9 minutes ago retweet Topsy.Data.Twitter.User['boisehomeloans'] = {”photo”:”http://a3.twimg.com/profile_images/248858847/boisehome_normal.jpg”,”url”:”http://twitter.com/boisehomeloans”,”nick”:”boisehomeloans”}; boisehomeloans: “Idaho Business Review » Blog Archive » Treasure valley defaults drop http://bit.ly/9CidZc ” 10 minutes ago retweet Filter tweets [...]

2. Bill Says:
   June 8th, 2010 at 11:38 am

   Unless our feckless governor & legislature starts doing something right, this national story on Boise back in May on the “13 housing markets that will never recover” will become a self-fulfilling prophesy.

   http://www.businessinsider.com/thirteen-housing-markets-that-will-never-recover-2010-5#10-boise-city-id-housing-prices-are-down-34-and-unemployment-is-99-4

3. Jim Paulson Says:
   June 15th, 2010 at 6:40 am

   With the default numbers decreasing, some jobs being created (although we need lots more), declining inventories, and finally some price appreciation starting to occur, values will continue to increase thereby reducing the defaults even more.

   Investors will start to pick up on this trend, get back in the market, increase demand, raise prices even more, and cycle starts all over again.

   Jim Paulson, CRS, GRi, EPRO
   Owner / Broker
   Progressive Realty Corporation

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