IDAHO FORECLOSURE ACTIVITY UP 134 PERCENT IN 2008

More than 8,500 Properties Receive Foreclosure Filings During The Year

 

IRVINE, Calif. – Jan. 28, 2009 – Foreclosure filings were reported on 8,512 Idaho properties in 2008, an increase of 134 percent from 2007 and a 302 percent increase from 2006, according to the latest RealtyTrac® U.S. Foreclosure Market Report.

 

The Gem State reported 1,598 properties with foreclosure filings in December, up 24 percent from the previous month and a 130 percent increase over December 2007.

 

RealtyTrac publishes the largest and most comprehensive national database of foreclosure and bank-owned properties, with over 1.5 million properties from over 2,200 counties across the country, and is the foreclosure data provider to MSN Real Estate, Yahoo! Real Estate and The Wall Street Journal’s Real Estate Journal.

 

“Foreclosure activity more than doubled in Idaho during 2008,” said James J. Saccacio, chief executive officer of RealtyTrac. “Although the state remained slightly below the national average in terms of total foreclosure filings, for the last two months of the year it had one of the top 10 foreclosure rates in the nation. Idaho’s unemployment rate jumped 3 percent during the year and its home sales and prices continued to fall as they have throughout most of the country.”

 

Idaho ranked 30th in the country in total foreclosures for the year. With one in every 72 housing units receiving a foreclosure filing, its foreclosure rate ranked 19th among the 50 states.

 

Top five counties responsible for bulk of state’s foreclosure activity in 2008

Five Idaho counties accounted for 82 percent of all foreclosure activity in the state for 2008. Ada County led the way, reporting 3,188 properties with foreclosure filings for the year. Canyon County came in second, reporting 2,194 properties with foreclosure filings. Kootenai County registered the third highest total, reporting 828 properties with foreclosure filings. Fourth highest total was registered in Bonneville County, reporting 382 properties with foreclosure filings. Bannock County came in fifth, documenting 350 properties with foreclosure filings.

 

Canyon County posts state’s top foreclosure rate for 2008

With 3.45 percent of its housing units receiving at least one foreclosure filing, Canyon County posted the top foreclosure rate in the state for 2008. Ada County has the state’s second highest rate, with 2.14 percent of its housing units receiving at least one foreclosure filing. Third highest rate was in Teton County, where 1.47 percent of the housing stock received at least one foreclosure filing in 2008.

 

State a minor contributor to nation’s foreclosure total for 2008

Idaho accounted for less than 1 percent of the 2,330,483 properties with foreclosure filings reported nationwide in 2008. The national total represented an increase of more than 81 percent from the total reported for 2007. For the year 1.84 percent of all U.S. housing units received at least one foreclosure filing, up from 1.03 percent in 2007.

 

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 Foreclosure Market Data by County – Yearend 2008

 

Rate Rank

County

Total Properties With Foreclosure Filings

% Housing Units

(Foreclosure Rate)

% Change From 2007

 

 

 

 

 

n/a

United States

2,330,483

1.84

81.24

n/a

Idaho

8,512

1.38

133.85

 

 

 

 

 

2

Ada

3,188

2.14

143.54

28

Adams

6

0.25

n/a

8

Bannock

350

1.12

42.28

31

Bear Lake

7

0.20

n/a

21

Benewah

17

0.39

88.89

15

Bingham

124

0.81

26.53

12

Blaine

132

0.93

500.00

37

Boise

4

0.08

n/a

14

Bonner

171

0.86

180.33

9

Bonneville

382

1.06

70.54

26

Boundary

13

0.29

116.67

25

Butte

4

0.31

100.00

33

Camas

1

0.14

n/a

1

Canyon

2,194

3.45

144.87

39

Caribou

2

0.06

n/a

30

Cassia

16

0.20

1,500.00

43

Clark

0

0.00

n/a

36

Clearwater

4

0.09

n/a

32

Custer

5

0.16

400.00

27

Elmore

32

0.27

1,500.00

10

Franklin

45

1.05

87.50

24

Fremont

24

0.31

118.18

22

Gem

25

0.38

1,150.00

29

Gooding

15

0.25

650.00

42

Idaho

2

0.03

n/a

7

Jefferson

85

1.13

129.73

17

Jerome

51

0.71

628.57

4

Kootenai

828

1.45

118.47

41

Latah

6

0.04

500.00

35

Lemhi

5

0.11

66.67

40

Lewis

1

0.06

n/a

20

Lincoln

8

0.45

n/a

23

Madison

35

0.33

105.88

34

Minidoka

10

0.13

400.00

19

Nez Perce

91

0.54

85.71

43

Oneida

0

0.00

-100.00

38

Owyhee

3

0.06

n/a

11

Payette

85

0.98

254.17

16

Power

23

0.76

43.75

18

Shoshone

39

0.55

129.41

3

Teton

58

1.47

1,350.00

13

Twin Falls

259

0.89

69.28

6

Valley

110

1.15

746.15

5

Washington

52

1.22

5,100.00

 

About RealtyTrac Inc.

Ranked as the third largest real estate site by MediaMetrix, and No. 53 on Inc. magazine’s 2006 Inc. 500 list of the nation’s fastest growing private companies, RealtyTrac Inc. (www.realtytrac.com), is the leading online marketplace for foreclosure properties, providing all the resources that home seekers, investors and real estate agents need to locate, evaluate and buy properties below market value.

 

Founded in 1996, RealtyTrac publishes the largest and most comprehensive national database of pre-foreclosure, foreclosure, For Sale By Owner, resale and new homes, with more than 1.3 million properties across the country, property reports, productivity tools and extensive professional resources. RealtyTrac hosts nearly 3 million unique visitors monthly and has been chosen to supply foreclosure data to MSN Real Estate, Yahoo! Real Estate and the Wall Street Journal’s Real Estate Journal. For more information, visit (www.realtytrac.com).

 

###

 

Media Contact:

Michelle Sabolich

Atomic Public Relations

415-402-0230

michelle.sabolich@atomicpr.com

 

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