The state ranked No. 5 in new notices of default served in September, a report says.
BY SANDRA FORESTER - sforester@idahostatesman.com
Copyright: © 2010 Idaho Statesman
Published: 10/14/10
Do you have 204 homes in your subdivision?
Then you can bet at least one was slapped with a notice of a foreclosure proceeding in September, according to a report released Thursday by RealtyTrac, an online monitor of real estate filings.
Idaho was fifth in default notices, with 1,175 filings last month, behind California (31,702), Michigan (6,834), Nevada (6,399) and Utah (1,316).
Total foreclosure filings were reported on 347,420 U.S. properties in September, including 3,141 in Idaho. That’s a rise of 24 percent over the same month last year, and 7.75 percent over August.
A record total of 102,134 bank repossessions nationally were reported in September as well, the first time bank repossessions surpassed the 100,000 mark in a single month, RealtyTrac said. Idaho had 804.
Some neighborhoods are being hit harder than others. In August, zip codes with high rates included 83709 in south Boise, roughly south of Franklin Road between Cloverdale and Curtis roads, with 124 homes in foreclosure; and 83686 in Nampa, a large area south of Roosevelt Avenue and the railroad tracks, with 172.
”We expect to see a dip in those bank repossessions, and possibly earlier stages of the foreclosure process, in the fourth quarter as several major lenders have halted foreclosure sales in some states while they review irregularities in foreclosure-processing documentation that has been called into question in recent weeks,“ said James J. Saccacio, CEO of RealtyTrac.
Idaho has joined 48 other states in an inquiry into those lenders’ practices. Employees of several major lenders have acknowledged in depositions that they signed thousands of foreclosure documents without reading them.
Regards,
Michael Hon
CEO, The Iron Eagle Realty Team
Associate Broker, Market Pro
Certified Short Sale Specialist®
Investment Property Consultant
Direct: 208.919.0458 Office: 208.939.9033 Fax 208.514.1422
www.IronEagleRE.com Michael.Hon@IronEagleRE.com
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