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Treasure Valley foreclosure filings down for now, may increase again

New numbers show Treasure Valley foreclosure filings are down this year but could spike in the coming months.

According to Idaho Data Providers, 158 notices of default were filed in April, which is a 33 percent decrease over notices filed in March 2011. In Ada County, filings were up 7 percent with 335 notices in April, over 312 in March. Combined default filings for Ada and Canyon counties during the first quarter of 2011 were 1,565, compared to 2,405 during the same period in 2010.

Idaho Data Providers President Charlie Nate said that while Treasure Valley foreclosures are lower than this time last year, those numbers could likely spike again.

“Foreclosures are down in 2011, but are poised to bounce back anytime while banks wrap up their robo-signing issues,” Nate said.

In October, Idaho joined a multi-state group investigation led by Iowa’s attorney general, which began to review a number of loan servicers that may have created documents with errors in them. The process of employees signing documents without reading or understanding them is referred to as “robo-signing.” Some paperwork may have also been signed without a notary.

During the investigation, some foreclosure filings were halted, which Nate said could flood the market later this year.

“More inventory will likely be released, which in my opinion could boost filings across the board,” he said.

About Jennifer Gonzalez

Jennifer Gonzalez covers construction, real estate and development news. Contact her at [email protected] or 208.639.3515.

7 comments

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  3. I just wrote a blog yesterday about “Shadow Buyers” since there is so much data about talking about shadow inventory. I challenge someone to tell me about 10 homes in Boise that have been foreclosed on for more than a year that are still not being marketed. The media doesn’t ever talk about the pent up demand caused by lack of new home construction when populations are increasing. They don’t talk about the people that lost their homes 2-3 years ago that are about to come into the market again as buyers since they miss their Mortgage Interest Deduction and the ability to write off their property taxes. They don’t talk about the demand from investors since properties in the Boise area are cash flowing again based on low interest rates and extremely high occupancy rates. When there are multiple offers on homes that are in the affordable price ranges, each losing bidder is a qualified “shadow buyer”.

    According to the people in the Title Industry that I have talked to, Robo Signing was not much of a problem here in Idaho. Our foreclosure process is much cleaner than other parts of the country. I thing that most of the negative things that caused most of the foreclosures and short sales to be behind us and that we are moving back to a more stable market!

    Jim Paulson – Owner/Broker – Progressive Realty Corporation

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