Boise, Idaho foreclosures dropped to 6.4% in May of 2014, the lowest foreclosure rate seen in years. Since February of 2014 the foreclosure rate has dropped by 10%; averaging a 3% decrease each month. In May of 2012 the foreclosure rate was 26.2%, last year it fell by 15% and this May by about 5% from the previous year.
Between 2013 and 2014 (shown above) you can see that there has been a consistent decline of foreclosures into the warmer months of the year hitting with a kind of plateau between May and December.
There were 451 homes sold in Boise, May of 2014, slightly higher than the number of homes sold last year and 30% more than in 2012. The graph above characterizes a similar trend in home sales between 2014 and 2013, only varying by 3%.
Of the 451 homes sold in Boise, May of 2014, 93% were non-foreclosures, 4% bank owned/HUD, and the remaining 3% short sales. Traditional home sales increased by 31% in May and by 137% from the beginning of the year. Although this is a notable increase, historically sales increase into the warmer months of the year, usually peaking through the summer. As non-foreclosures have increased this year, foreclosures really have not, if anything decreased in the last several months.
Below you can see that there were 90% more bank-owned/HUD homes sold in May of this year than short sales; also only accounting for 3% of all real estate sales. You can see that there is a similar trend throughout the year with an average of 100% more bank-owned/HUD homes than short sales in 2014.