Foreclosures up in July but way down since July 2013

Aug 19 2014

Housing foreclosures in Ada County saw an upward blip in July, but year-to-year foreclosure filings in Treasure Valley have been sliced in half, leading distressed home buyer and seller Gorilla Capital reported.

Ada County saw a 15 percent increase in filings of Notices of Default from June to July with 76 foreclosures filed in July. Canyon County’s 42 filings in July mirrored July’s filings. But Gorilla found that Treasure Valley foreclosures were down 52 percent from July 2013 to July 2014.

Gorilla buys, redevelops, and sells homes owned by banks or sold by short sales.

“Because the foreclosure system has been working in overdrive the past few years, there can often be lag time before the filing is actually made and there is no question the market continues to heal as compared to 2013,” Gorilla’s Idaho President Ryan Strasshofer said.

“I don’t think you can draw any conclusions month-to-month,” said Marc Lebowitz, executive director of the Ada County Association of Realtors. He noted that only 5 percent of home sales in July were of distressed homes, while the June figure was 6 percent.

“It could be a year or more before a foreclosed home goes on the market,” Lebowitz said. “You have time to remedy the situation. What we are seeing is continued improvement.”

By Teya Vitu
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