Idaho Foreclosure Activity Rises in Third Quarter

Total foreclosure filings up 20 percent statewide from the second quarter

Defaults down, auctions and REOs up for the quarter

 

Foreclosure filings — default notices, scheduled auctions and bank repossessions — were reported on 7,424 Idaho properties during the third quarter, a 20 percent increase from the previous quarter and up 14 percent from the third quarter of 2009, according to the latest RealtyTrac® U.S. Foreclosure Market Report.

 

For September, Idaho ranked 26th in the nation with 3,141 properties with foreclosure filings, an 8 percent increase from the previous month and 24 percent above the level reported for the same month last year. One in every 204 Idaho housing units received a foreclosure filing in September, ranking the fifth highest foreclosure rate among the 50 states.

 

Idaho foreclosures were up in the third quarter,” said James J. Saccacio, chief executive officer of RealtyTrac. “The largest increase was in bank-owned properties, which climbed 76 percent for the quarter. The state had the largest year-over decrease in property after the second quarter of 11 percent. This is undoubtedly driving the recent rise.”

Idaho ranked 27th in the nation in total foreclosures reported for the quarter. Its foreclosure rate of one in every 86 housing units receiving a foreclosure filing during the quarter, ranked it fifth among the 50 states.

Canyon County led state with top foreclosure rate in third quarter

Canyon County posted the highest foreclosure rate in Idaho during the third quarter of 2010, where one in every 37 housing units received a foreclosure filing — 3.8 times the national average. Teton County posted the second highest foreclosure rate, where one in every 55 housing units received a foreclosure filing during the period — 2.5 times the national average. Ada County documented the third highest foreclosure rate, where one in every 60 housing units received a foreclosure filing — 2.3 times the national average.

 

Ada County posts state’s top foreclosure total for third quarter

Ada County dominated, reporting 2,604 properties with foreclosure filings for the quarter. Canyon County was second, reporting 1,861 properties with foreclosure filings. Kootenai County was third, tallying 670 properties with foreclosure filings. Bonneville County was fourth highest, reporting 318 properties with foreclosure filings. Twin Falls County came in last for the state’s top five, reporting 254 properties with foreclosure filings for the quarter.

 

State contributes less than 1 percent to nation’s foreclosure total for the quarter

Less than 1 percent of 930,437 properties with foreclosure filings reported nationwide during the third quarter were located in Idaho. Total U.S. activity increased nearly 4 percent from the second quarter, but was down fractionally from the level reported for the third quarter 2009. One in every 139 U.S. housing units received a foreclosure filing during the quarter.

 

Report methodology

The RealtyTrac U.S. Foreclosure Market Report provides a count of the total number of properties with at least one foreclosure filing entered into the RealtyTrac database during the month — broken out by type of filing by state, county and metropolitan statistical area. Some foreclosure filings entered into the database during the month may have been recorded in previous months. Data is collected from more than 2,200 counties nationwide, and those counties account for more than 90 percent of the U.S. population. 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 received for a property during the month, 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 – Third Quarter 2010

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

/Natl. Avg.

/State Avg.

 

 

 

 

 

 

 

 

 

 

United States

116,349

153,298

243,869

128,576

288,345

930,437

139

n/a

n/a

Idaho

2,019

0

3,538

0

1,867

7,424

86

2

n/a

 

 

 

 

 

 

 

 

 

 

Canyon

464

0

962

0

435

1,861

37

3.80

2.37

Teton

24

0

38

0

27

89

55

2.52

1.57

Ada

867

0

1,136

0

601

2,604

60

2.32

1.44

Gem

0

0

63

0

42

105

65

2.13

1.33

Lincoln

0

0

11

0

11

22

83

1.68

1.05

 

 

Idaho Top Foreclosure Totals by County – Third Quarter 2010

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

% Chg Q2 10

% Chg Q3 09

 

 

 

 

 

 

 

 

 

 

United States

116,349

153,298

243,869

128,576

288,345

930,437

139

3.90

-0.79

Idaho

2,019

0

3,538

0

1,867

7,424

86

19.74

13.67

 

 

 

 

 

 

 

 

 

 

Ada

867

0

1,136

0

601

2,604

60

19.78

-0.99

Canyon

464

0

962

0

435

1,861

37

33.02

25.49

Kootenai

191

0

311

0

168

670

90

7.54

8.94

Bonneville

72

0

166

0

80

318

120

6.35

51.43

Twin Falls

79

0

119

0

56

254

119

15.98

5.83

 

 

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