Foreclosures rise in Ada, Canyon

POSTED: 14:52 MDT Tuesday, April 8, 2008

by Brad Carlson

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Tags - Ada County, Canyon County, Construction, foreclosures

Loan default filings kept rising in March in Ada and Canyon counties, IdahoDataProviders.com reported. Ada County one-month totals increased almost every month during 2007, starting with 85 in January and ending with 190 defaults filed in December, IdahoDataProviders principal Charlie Nate said in a release. The growth trend continues, as the March total reached 245 in 2008, up 147 percent from March 2007, he said.

Canyon County defaults also keep increasing each month, he said. December’s 121 compared to 59 filed in January 2007. Last month’s 161 default filings compared to 55 in March 2007.

The number of trustee sales also has increased. This month, Boise has 102 homes with an auction date set compared to 42 in April 2007, Nate said. In Canyon County, Nampa has 110 homes scheduled for trustee sale this month, up from 26 a year earlier, he said.

1 Comments

I certainly don't dispute the fact that the number of defaul filings and trustee sales has increased, but allow me to offer a slightly more positive perspective.
According to data from First American CoreLogic and First American LoanPerformance HPI for the Boise MSA as of mid-March 2008:
*The percentage of outstanding mortgage loans 90+ days delinquent was less than 1.5%
*The year-over-year percentage-point change in 90+ day-delinquency rates was less than 1.0%
*The percentage of outstanding mortgages in foreclosure was less than 0.5% (1/2 of 1%)
*The year-over-year percentage-point change in foreclosure rates was less that 0.2% (two-tenths of 1%)
*The percentage of outstanding mortgage loans owned by the lender was less than 0.6% (six-tenths of 1%)
*The year-over-year percentage-point change in outstanding mortgage loans owned by the lender was less than 0.4% (four-tenths of 1%)
*The 90+ day-delinquent loans and cumulative pre-foreclosures started during last 12 months divided by number of loans outstanding was less than 3.9%
* the cumulative number of foreclosures started during the current 12-month period divided by number of loans outstanding was less than 0.7% (seven-tenths of 1%)
Also, during the past 12 months, the MSA has experiences Home Price Appreciation of just under 5%.
Chuck Miller
President - Chuck Miller Construction Inc. (208) 229-2553
www.chuckmillerconstruction.com
Comment By Chuck Miller
Wednesday, April 9, 2008 @ 3:05 PM

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