Total foreclosure filings up 28 percent from Q2, and up 153 percent from Q3 2008.

Idaho reported 6,531 properties with foreclosure filings in the third quarter of 2009, an increase of 28 percent from the previous quarter and 153 percent above the level reported in the third quarter of 2008, according to the latest RealtyTrac^® U.S. Foreclosure Market Report.

“Idaho foreclosures were up during the third quarter,” said James J. Saccacio, chief executive officer of RealtyTrac. “The largest increase was in bank-owned properties, which climbed five times the previous quarterly number. However, the state’s 8.8 percent unemployment rate is still below the national average of 9.8 percent, and Idaho had the highest jump in home sales during the second quarter — nearly 70 percent. If these trends continue, we may see foreclosures begin to decline in the near future.”

Idaho ranked 27^th in the country in total foreclosures reported for the third quarter. With one in every 97 housing units receiving a foreclosure filing, its foreclosure rate ranked fifth among the 50 states.

Foreclosure activity in the Gem State was down 3 percent in September from the previous month to 2,529 properties with foreclosure filings, but elevated on a yearly basis, up 136 percent from September 2008. The state’s foreclosure rate was fifth highest in the nation for the month — with one in every 250 housing units receiving a foreclosure filing.

Canyon County posts state’s top foreclosure rate in the third quarter

Canyon County posted the highest county foreclosure rate in the state for the third quarter, with one in every 45 housing units receiving a foreclosure filing — three times the national average and 2.1 times the state average. Ada County was second, with one in every 58 housing units receiving a foreclosure filing during the quarter — 2.3 times the national average and 1.7 times the state average. Teton County posted the third highest foreclosure rate, where one in every 58 housing units received a foreclosure filing — 2.3 times the national average and 1.7 times the state average.

Five counties accounted for 79 percent of foreclosure activity in the third quarter

Ada County led the way, tallying 2,630 properties with foreclosure filings for the quarter. Canyon County came in second highest, reporting 1,483 properties with foreclosure filings. Kootenai County came in third, tallying 615 properties with foreclosure filings. Bannock County posted the fourth highest foreclosure total for the quarter, reporting 244 properties with foreclosure filings. Bonneville County documented 210 properties with foreclosure filings, the state’s fifth highest foreclosure total in the quarter.

State contributes 1 percent to nation’s foreclosure activity for quarter and month

Idaho accounted for 1 percent of the 937,840 properties with foreclosure filings reported nationwide for the third quarter and 1 percent of the 343,638 properties with foreclosure filings reported for September. Total U.S. activity declined 5.4 percent between the second and third quarter of the year, but was up 23 percent from the third quarter of 2008. One in every 136 U.S. housing units received a foreclosure filing during the quarter, the highest quarterly foreclosure rate since RealtyTrac began issuing its report in 2005.

Report methodology

The RealtyTrac Monthly U.S. Foreclosure Market Report provides a count of the total number of properties with at least one foreclosure filing reported during the month — broken out by type of filing at the county, state and national level. RealtyTrac’s report incorporates documents filed in all three phases of foreclosure: Default — Notice of Default (NOD) and Lis Pendens (LIS); Auction — Notice of Trustee Sale and Notice of Foreclosure Sale (NTS and NFS); and Real Estate Owned, or REO properties (that have been foreclosed on and repurchased by a bank). If more than one foreclosure document is filed against a property during the month — which is extremely rare — only the most recent filing is counted in the report. The report also checks if the same type of document was filed against a property in a previous month. If so, and if that previous filing occurred within the estimated foreclosure timeframe for the state the property is in, the report does not count the property in the current month.

For current news and information regarding foreclosure-related issues and trends, check out our blog at www.ForeclosurePulse.com.

Idaho Top Foreclosure Rates by County – Q3 2009

Idaho Top Foreclosure Totals by County – Q3 2009

Idaho Top Foreclosure Rates by County – Sept 2009

Idaho Top Foreclosure Totals by County – Sept 2009