I recently attended the SW Idaho Chapter of the National Association of Property Manager’s meeting with guest speakers from Title One. Their main point of discussion was that many Home Owners’ Associations were experiencing significant balance deficits due to foreclosed homes. They explained that unlike some neighboring states, once the home is foreclosed upon, the dollar amount due to the association is wiped clean. In addition to that information, they included some interesting data about REO/Bank Owned Property sales.
Below is a graph showing roughly 30% of all properties sold are bank owned properties. Now, what percentage of sales are short-sales would also be an interesting number? I can tell you that in March, 96% of the residential income properties were either an REO or short sale. Unfortunately these sales have hurt value.
Below is a graph showing the rate of Notice of Defaults (NODS) in both Ada and Canyon counties. A Notice of Default is one of the first actions taken when a person gets behind on their mortgage. If the property is foreclosed upon, it’s at least 6 months down the road before they foreclose. So based on the data, it appears to me that we can expect the market to remain soft for a good portion of 2010.
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