Repossessed Homes for Sale Rose in the Idaho Treasure Valley

Repossessed homes for sale increased to record levels in the Treasure Valley of Idaho in March, based on figures from Idaho-based real estate analysts. Treasure Valley covers Boise, the lowland areas west of Boise and areas spanning Weiser in the north to Mountain Home in the south.

The number of Treasure Valley housing units repossessed by lenders increased in March this year, the fourth consecutive month the number of REOs increased. The March increase put the current total of REOs in the valley to 1,734 units.

In contrast, the bank owned property listing pace slowed down in Idaho in February by 16.8 percent from the previous month of January. Of the 2,167 foreclosures posted statewide in February, only 338 were REOs, a decrease from the 509 units repossessed by lenders in January.

REOs in January comprised 19.55 percent of the 2,603 foreclosures posted in Idaho during the same month while REOs in February accounted for 15.6 percent of the 2,167 foreclosures filed. The decrease in the percentage of repossessed homes for sale as a portion of total foreclosure filings could mean that lenders are deferring the completion of their foreclosure actions.

The pace of repossession, however, stepped up in the counties of Canyon and Ada, prompting local realtors to contend that there could be a second flood of foreclosures in the valley, in addition to previous foreclosure properties and fixer uppers for sale that are still sitting on the market.

In Canyon and in Ada, the combined foreclosure postings rose by 28 percent in March compared to February listings. Canyon posted a total of 352 foreclosures, just 13 units short of the record filings of 365 in January. Ada County posted a total of 597 filings, a whopping 30-percent increase from filings in February and marking the highest level of foreclosures reached in the county.

Short sales in Treasure Valley in March also increased, as more distressed homeowners saw the wisdom of giving up their home to preserve their credit scores. They figured that their financial recovery would be faster if they sacrifice their homes and start again.

The total number of homeowners who agreed to short sales in March rose slightly to 2,694, an increase of 0.94 percent from 2,669 in February.

All in all, the current number of repossessed homes for sale in the region in March accounted for 39.16 percent of total properties in distressed listings in the region.

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