North Idaho Real Estate Blog Keeping the “invisible” property owners of Kootenai County in-the-know, as if you were here on a daily basis. 208.769.9464 * dreamteam @ nidt . com * Author: Christina Ethridge, REALTOR(R)

Idaho has 264,768 mortgage loans. 3.46% are past due and .07% are ‘in foreclosure’. Idaho’s sub-prime numbers show 14.39% are past due and 5.52% are ‘in foreclosure’.

Kootenai County numbers show 228 properties are currently past due (delinquent over 90 days but no foreclosure proceedings currently filed), 307 are “going into” auction (proceedings have been filed giving the home owner 120 days to either sell or bring current their loan) and 90 are bank owned.

Kootenai County ‘notices of default’ are up in 2007 49.60% to a total of 558 from 2006’s total of 373. This is still lower than our peak in 2001 of 781.

The best bargain, when it comes to buying foreclosure properties is at the ’short sale’ point, not the ‘bank owned’ point. Now, it’s much easier and less time consuming to buy a ‘bank owned’ property vs. a short sale. But, you will get a better deal on a short sale property than an ‘REO’ property. Here’s why: Short sale properties need to be priced 3-5% (or more) below current market value in order to sell prior to foreclosure. REO properties are being priced right at or less than 1% below current market value. This especially holds true in price ranges under $200,000 where we are sitting in a ‘neutral’ to ’sellers’ market in North Idaho.

Read here for more information about buying ’short sale’ properties in North Idaho

Posted under For Buyers, Market Reports

Idaho has 264,768 mortgage loans. 3.46% are past due and .07% are ‘in foreclosure’. Idaho’s sub-prime numbers show 14.39% are past due and 5.52% are ‘in foreclosure’.

Kootenai County numbers show 228 properties are currently past due (delinquent over 90 days but no foreclosure proceedings currently filed), 307 are “going into” auction (proceedings have been filed giving the home owner 120 days to either sell or bring current their loan) and 90 are bank owned.

Kootenai County ‘notices of default’ are up in 2007 49.60% to a total of 558 from 2006’s total of 373. This is still lower than our peak in 2001 of 781.

The best bargain, when it comes to buying foreclosure properties is at the ’short sale’ point, not the ‘bank owned’ point. Now, it’s much easier and less time consuming to buy a ‘bank owned’ property vs. a short sale. But, you will get a better deal on a short sale property than an ‘REO’ property. Here’s why: Short sale properties need to be priced 3-5% (or more) below current market value in order to sell prior to foreclosure. REO properties are being priced right at or less than 1% below current market value. This especially holds true in price ranges under $200,000 where we are sitting in a ‘neutral’ to ’sellers’ market in North Idaho.

Read here for more information about buying ’short sale’ properties in North Idaho

Posted under For Buyers, Market Reports

There is a lovely little semblance of a blog on our local paper’s website. I call it semblance because you can not subscribe to any feeds yet posts and comments are made at the blog owners leisure. The owner of the blog has a brain and common sense. A few of the commentors however are another issue.

One commentor decided to state a supposed fact that foreclosures are up in Idaho 150+% in the past 12 months. Interesting, considering there not!!! I know where this commentor is getting their data - it’s from here. But, what that person fails to note is this: *Actual increase may not be as high due to improved or expanded data coverage in this state. Yes, this means that the increase sited is not accurate and may potentially be off the full amount.

How’s this for a fact - foreclosures are up in Kootenai County, by 32.17%, not by the supposed 150+% stated above. I’ve been tracking NOD’s (Notices of Default) for approximately 7 years now. Each month I receive details on every notice filed. Because many homes have two or more mortgages on them, there will be multiple notices per home in most cases. This means that the actual number of homes affected is different (lower actually). I do not go through and cross-reference to eliminate 2nd, 3rd or 4th mortgages and I never have, so the comparative analysis is accurate.

Here’s some information for you: A notice of default is filed when the mortgagee is behind on their payments. How far behind depends entirely upon the lender. In most cases, the mortgagee is 3 or more months behind. According to North Idaho Title, approximately 90% of NOD’s are ‘resolved’. This means that the mortgagee either catches up on the payments, makes arrangements with the lender or sells the property. In other words, 90% of NOD’s do not go all the way to a foreclosure sale.

2007’s numbers do not include the month of December as full data is not yet available. NOD information was obtained from the Kootenai County Recorders Office.

© 2008 North Idaho Dream Team LLC North Idaho Real Estate.  If you are reading this outside your feed reader or on any blog other than the North Idaho Real Estate blog, the site you are looking at is guilty of copyright infringement. Please contact legal@nidt.com so we can take legal action immediately.  The North Idaho Dream Team services the greater Coeur d’Alene area helping buyers and sellers of real estate achieve their goals and dreams.  Questions? Comments? Email us!

Posted under Economics of North Idaho, Market Reports

There is a lovely little semblance of a blog on our local paper’s website. I call it semblance because you can not subscribe to any feeds yet posts and comments are made at the blog owners leisure. The owner of the blog has a brain and common sense. A few of the commentors however are another issue.

One commentor decided to state a supposed fact that foreclosures are up in Idaho 150+% in the past 12 months. Interesting, considering there not!!! I know where this commentor is getting their data - it’s from here. But, what that person fails to note is this: *Actual increase may not be as high due to improved or expanded data coverage in this state. Yes, this means that the increase sited is not accurate and may potentially be off the full amount.

How’s this for a fact - foreclosures are up in Kootenai County, by 32.17%, not by the supposed 150+% stated above. I’ve been tracking NOD’s (Notices of Default) for approximately 7 years now. Each month I receive details on every notice filed. Because many homes have two or more mortgages on them, there will be multiple notices per home in most cases. This means that the actual number of homes affected is different (lower actually). I do not go through and cross-reference to eliminate 2nd, 3rd or 4th mortgages and I never have, so the comparative analysis is accurate.

Here’s some information for you: A notice of default is filed when the mortgagee is behind on their payments. How far behind depends entirely upon the lender. In most cases, the mortgagee is 3 or more months behind. According to North Idaho Title, approximately 90% of NOD’s are ‘resolved’. This means that the mortgagee either catches up on the payments, makes arrangements with the lender or sells the property. In other words, 90% of NOD’s do not go all the way to a foreclosure sale.

2007’s numbers do not include the month of December as full data is not yet available. NOD information was obtained from the Kootenai County Recorders Office.

© 2008 North Idaho Dream Team LLC North Idaho Real Estate.  If you are reading this outside your feed reader or on any blog other than the North Idaho Real Estate blog, the site you are looking at is guilty of copyright infringement. Please contact legal@nidt.com so we can take legal action immediately.  The North Idaho Dream Team services the greater Coeur d’Alene area helping buyers and sellers of real estate achieve their goals and dreams.  Questions? Comments? Email us!

Posted under Economics of North Idaho, Market Reports