Idaho foreclosures rise 

Idaho ranked 10th in home foreclosure rate in November, with one of every 479 households in some stage of foreclosure, RealtyTrac reported. Idaho’s total, 1,284, was up by 9.46 percent from October 2008 and was up 92.5 percent from November 2007.

The nationwide November total dropped by 7.32 percent from October but was up by 28.29 percent from November 2007. One of every 488 U.S. households was in some stage of foreclosure in November 2008. The report covers default and auction-sale notices, and bank repossessions.

“Foreclosure activity in November hit the lowest level we’ve seen since June thanks in part to recently enacted laws that have extended the foreclosure process in some states, along with more aggressive loan modification programs and self-imposed holiday foreclosure moratoriums introduced by some lenders,” James J. Saccacio, CEO of RealtyTrac, said in a release. “There are several indications, however, that this lower activity is simply a temporary lull before another foreclosure storm hits in the coming months.

“Delinquencies on loans not yet in the foreclosure process jumped to nearly 7 percent in the third quarter, a record high, according to the Mortgage Bankers Association,” he said. . “And more than half of the homeowners who received loan modifications to reduce monthly mortgage payments in the first half of 2008 are already delinquent on their loans again, according to the U.S. Office of Thrift Supervision. Many of these delinquencies could turn into foreclosures next year.”

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