Although defaults are showing as a decline in three straight months I expect to see them go up again, there is lots of shadow inventory still out there. As explained in the article below from Idaho Business Review there is the now and there is what will be coming in the next few months ( more delinquent loans). If you or some you know is having experiencing a hardship and worried about there mortgage we specialize for the homes in these Idaho cities- Boise,Eagle,Meridian,Nampa,Star,Middleton,Caldwell or Kuna-
Joshua Groesbeck 208-353-7131 or josh@homeswithjosh.com or www.homeswithjosh.com and www.idshortsale.com
Mortgage defaults in the Treasure Valley have declined for the third straight month. Idaho Data Providers is reporting that 577 defaults were filed in June, down from a high of 949 in March.
In their June market report, Idaho Data Providers stated that there would be some months of decline on default filings due to the two government programs that have been implemented to help homeowners avoid foreclosure. Both the Home Affordable Modification Program and the Home Affordable Foreclosure Alternatives Program have slowed down the filings, as these programs must evaluate non performing loans for short sale eligibility.
“There has been a huge number of “shadow inventory” created. It is taking servicers longer to complete the filings of mortgage defaults because of the high number of non performing loans that need to be evaluated and processed,” said Idaho Data Providers.com President Charlie Nate.
Nationally the average number of days delinquent for more than 90 has grown from 189 days in January 2009 to 282 days in May 2010.
Locally, seven percent of all loans in Idaho are 30+ days delinquent and 2.5 percent of loans are in the foreclosure stage, for a total of 9.5 percent of all loans that are non current.
Source: IBR
