March ’09 residential closings were off in Ada County by 14% compared to March ’08 but pending sales in the first quarter were up by 12%.  Available inventory is down 12% from a year ago because of the decrease in new homes on the market.  78% of homes closed in the first quarter were under $250,000 and 35% of closings in the first quarter were in financial distress (listed as possible short sales, in foreclosure or REO).

 

March closings in Canyon County were off by 37% compared to last year but pending sales were up slightly.  93% of homes closed in the first quarter were under $250,000 and almost 50% were in financial distress.

 

25% of all residential properties listed in Ada County and 35% in Canyon County are in financial distress.