RealtyTrac, which follows foreclosures, reported that foreclosure filings nationally fell 10.6 percent in the first six months of the year.
Analysts say lenders are modifying more Idaho loans instead of foreclosing. Also, many lenders delayed foreclosures after an Idaho law took effect September 1st requiring lenders to better inform borrowers about their options. Another factor is that more short sales are going through. A short sale is where the lender agrees to take less than the borrower owes.
In 2011, distressed properties were 57.3 percent of resale inventory in Ada County and 736 percent in Canyon County. In the first half of 2012, distressed properties were 36.7 percent of resale inventory in Ada County and 56.6 percent in Canyon County. The June 2012 total of foreclosure starts in Ada and Canyon counties was close to the June 2008 numbers.
Foreclosure starts peaked in March 2010 at 597 and have been falling since then. (AP)