The foreclosure rate in Boise has continued to drop significantly this year (in addition to the decline we saw last year). January of 2012 started off with a high of a 59.2% foreclosure rate, and dropped all the way down to 23.3% in December. Just one year later, the foreclosure rate has been at a consistent low for the last few months of around 10%. On average in the last two years, the foreclosure rate has dropped 73%, and 59% since 2012. The average foreclosure rate in 2011 was 48.2%, and in 2012 it dropped to 31.7%; the average this year has been 13%.
As you can see in the graph below, short sales accounted for a higher percentage of foreclosures than bank-owned and HUD. This year there have been 257 short sales and 204 bank-owned/ HUD homes sold. On average each month in 2013, short sales accounted for about 9% of real estate sales and bank-owned/ HUD about 6.7%. Combined, 15.7% of this years real estate sales have been either short sales or bank-owned/HUD.
Below shows the complete breakdown of real estate sales in 2013. As traditional sales hit their peak mid summer, short sales and bank-owned/ HUD homes did not increase with that climb; instead continued to decrease slightly. In comparison to traditional home sales, short sales and foreclosures have stayed relatively low all year, with decreases since August. The highest was 25.9% of home sales in January and have stayed around 10% the last few months.