Default filings keep increasing in Ada and Canyon counties as the second quarter unfolds, IdahoDataProviders.com says in a new report. Monthly filings in Ada County increased from 85 in January 2007 to 191 in January 2008, the Meridian-based company reported. Other increases from a year earlier were from 87 to 197 in February, from 99 to 245 in March, and from 90 to 261 in April.
Monthly default filings in Canyon County increased from 59 in January 2007 to 130 in January 2008, IdahoDataProviders.com reports. Other increases from a year earlier were from 72 to 159 in February, from 55 to 161 in March, and from 80 to 154 in April.
IdahoDataProviders.com principal Charlie Nate said many homes purchased in recent years with sub-prime loans and 100 percent financing now have little or no borrower equity or are even “upside down” – meaning that the borrower owes more than the home is worth. Many of these homes are entering foreclosure, he said.
Nate said the number of short-sale listings by the Intermountain Multiple Listing Service, Boise, has increased from less than 60 to more than 600 in less than a year. In a short sale, the lender agrees to a sale price that is below what the borrower owes.
IdahoDataProviders recently joined Boise-area attorney Lance Churchill’s Frontline Seminars entity to train real estate agents in working in the pre-foreclosure and short-sale markets. Information: www.frontlineseminars.com.
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