by Brad Carlson
Published: September 9,2011
Time posted: 3:07 pm
Foreclosure starts increased more than 50 percent in Ada County and slightly in Canyon County in August after declining during most of the spring and early summer, Idaho Data Providers reported.
Ada County averaged 284 default notices per month from January through August, but the August total was 342 compared to 225 in July – a 52 percent jump. Canyon County’s total remained below its 2011 monthly average of 182, but the August total of 157 was up 5.37 percent from July’s 149. Year-to-date filings were 2,274 in Ada and 1,457 in Canyon.
Charlie Nate of Idaho Data Providers said many homes are not yet in foreclosure despite the mortgage not receiving a payment for an extended period. Default notices will increase as banks take action eventually, he said.
“Volumes for the month of August increased substantially over the preceding five or six months,” said Jesse Hamilton, general counsel for Pioneer Lender Trustee Services, an Idaho non-judicial foreclosure trustee. “The increase constitutes a backlog of foreclosures the banks had elected to put on hold to deal with compliance issues, and issues surrounding MERS litigation. “There will continue to be an upward trend of new foreclosures until the bottleneck has been processed.”
The Mortgage Electronic Registration System, created by the mortgage banking industry, acts as the lender’s designated agent to register and track who owns and services mortgages and trust deeds. The idea is to make it easier to transfer lenders’ interest. MERS has been the subject of many lawsuits, in part because it seeks to impose standardized procedures on an industry governed by state laws, according to information circulated at an event hosted by the Moffatt Thomas law firm in Boise.
“One month we are up and one month we are down,” said Iva Deobald, sales manager with First Mortgage Co. of Idaho, based in Meridian, referring to foreclosure starts. “It really depends on when and how quickly the large banks process their foreclosures.”
She expects foreclosure statistics to “bounce around like they are doing now” for three to four more years, she said.
Many people are letting their homes go now after spending the last few years doing all they could to keep them, Deobald said.
Incomes remain limited by continued high unemployment, and, for many business owners, paltry spending by their customers, said Boise economist Don Reading of Ben Johnson Associates. People are concerned about recent declines and volatility in the stock market, and uncertain about the economy, he said.
“Things just aren’t looking better that fast, and you can only draw down your savings for so long,” Reading said.
Homeowners can avoid foreclosure if the lender agrees a “short sale” in which the sale price is below the amount owed. Short-sale listings increased 0.35 percent from July to August, the first one-month gain since March, said Nate of Idaho Data Providers. He cited data from the Boise-based Intermountain Multiple Listing Service.
“Short sales are still an alternative, but these are the same banks that are processing foreclosures,” Deobald said. “They can only move as fast as sales can be processed.”
Another alternative to foreclosure is to modify the terms of the loan, though few modifications are being approved, she said.
The number of bank-owned homes listed for sale in Ada and Canyon counties increased by 1.5 percent from July to August, Nate said. These have gone through foreclosure.
In Idaho, you don't find traffic jams, it doesn't take 2 hours to commute 5 miles, and drivers let you merge onto the freeway. Thanks Boise drivers!
The Top 10
For the second time in the report's seven-year history, Fort Collins was revealed as the safest driving city.
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City & Overall Ranking
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Collision Likelihood
Compared to National Average |
Average Years
Between Collisions |
| 1. Fort Collins, Colo. | 28.6% less likely | 14.0 |
| 2. Boise, Idaho | 25.5% less likely | 13.4 |
| 3. Lincoln, Neb. | 22.7% less likely | 12.9 |
| 4. Chandler, Ariz. | 20.4% less likely | 12.6 |
| 5. Huntsville, Ala. | 18.9% less likely | 12.3 |
| 6. Knoxville, Tenn. | 18.3% less likely | 12.2 |
| 7. Springfield, Mo. | 17.9% less likely | 12.2 |
| 8. Reno, Nev. | 16.6% less likely | 12.0 |
| 9. Eugene, Ore. | 16.3% less likely | 11.9 |
| 10. Chattanooga, Tenn. |
For the complete list, click here
- Steven Caporale
Boise Premier Real Estate
208.409.1708
www.BoisePremier.com
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The Boise Idaho real estate marketplace is evolving each second, so make sure to check back with us often for more Boise real property news and Boise home MLS listings. Here you can discover more about Boise shortsale homes and foreclosures along with bank owned properties that you can find for a good price.
Boise Premier Real Estate can show you how to uncover the best Idaho agents for both buyers and sellers. We love to refer brokers and real estate companies. The Boise non-MLS properties are a great way to win out over the competition and learn how to find the best Idaho homes faster than anyone else. Eagle Luxury Foreclosures brought to you by Boise Premier Real Estate. www.boisepremier.com
Does your area offer something similar? Have you ever participated in one of these events? I am a judge at StartUp Weekend Idaho this year and very excited!
- Steven Caporale
Boise Premier Real Estate
208.409.1708
www.BoisePremier.com
The Boise Idaho real estate marketplace is evolving each second, so make sure to check back with us often for more Boise real property news and Boise home MLS listings. Here you can discover more about Boise shortsale homes and foreclosures along with bank owned properties that you can find for a good price.
Boise Premier Real Estate can show you how to uncover the best Idaho agents for both buyers and sellers. We love to refer brokers and real estate companies. The Boise non-MLS properties are a great way to win out over the competition and learn how to find the best Idaho homes faster than anyone else. Eagle Luxury Foreclosures brought to you by Boise Premier Real Estate. www.boisepremier.com
I met with a Buyer who called me on the phone. Great lead...comes to my office, brings a few of the properties he's been looking at, brings a pre-qual letter for $125K (it's Boise, Idaho my fellow ActiveRainers) and wants to go out and look at properties.
He's another lead from FB. I've proven it works, and why more agents are not using it correctly and linking it to their other digital "presences" I don't know. Craigslist in my market is overused, but FB seems to be wide open. Is this just Boise? Is there one that works better in your market to attract Buyers/Sellers.
The below is something I recommend because I know the two authors very well.
-Steven Caporale
Boise Premier Real Estate
Boise, Idaho
The Boise Idaho real estate marketplace is evolving each second, so make sure to check back with us often for more Boise real property news and Boise home MLS listings. Here you can discover more about Boise shortsale homes and foreclosures along with bank owned properties that you can find for a good price.
Boise Premier Real Estate can show you how to uncover the best Idaho agents for both buyers and sellers. We love to refer brokers and real estate companies. The Boise non-MLS properties are a great way to win out over the competition and learn how to find the best Idaho homes faster than anyone else. Eagle Luxury Foreclosures brought to you by Boise Premier Real Estate. www.boisepremier.com
SEPTEMBER 9 - 11, 2011
JULIA DAVIS PARK, BOISE ID
FRIDAY & SATURDAY 10AM-8PM
SUNDAY 10AM-5PM
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236 ARTISTS INCLUDING 53 NEW ARTISTS │ 67 IDAHO ARTISTS
44 FOOD VENDORS │ CHILDREN'S ART TENT │ LIVE ENTERTAINMENT JAZZ IN THE GARDEN │ LOCAL BEER & IDAHO WINES |
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The Boise Idaho real estate marketplace is evolving each second, so make sure to check back with us often for more Boise real property news and Boise home MLS listings. Here you can discover more about Boise shortsale homes and foreclosures along with bank owned properties that you can find for a good price.
Boise Premier Real Estate can show you how to uncover the best Idaho agents for both buyers and sellers. We love to refer brokers and real estate companies. The Boise non-MLS properties are a great way to win out over the competition and learn how to find the best Idaho homes faster than anyone else. Eagle Luxury Foreclosures brought to you by Boise Premier Real Estate. www.boisepremier.com
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