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Idaho is among top ten states for foreclosures

Idaho’s foreclosure rates last year put the state among the Top 10 nationwide.

The RealtyTrac Year-End U.S. Foreclosure market report, released Jan. 13, said almost 3 percent of all the housing units in Idaho received at least one foreclosure filing during the year.

The national average was 2.3 percent.

Marc Lebowitz, executive director of the Ada County Association of Realtors, said the number of “distressed properties,” or properties in short sale, in foreclosure, or bank-owned, peaked last spring before declining gradually into the summer. But it rose again in the fall, he said, hitting 45 percent in December. That was almost 20 percent higher than the year before.

But housing inventory in Ada County is lower than it has been since it peaked in mid-2007, Lebowitz said. Then, there were more than 4,500 houses for sale; right now, there are only 2,600 for sale in the county.

“That’s good news for the home sellers in terms of stabilization,” Lebowitz said.

RealtyTrac, an online marketplace for foreclosed properties, said foreclosures rose 2 percent between 2009 and 2010 around the country. The 10 states with the highest rates of foreclosure last year were Nevada (9 percent), Arizona (5.7 percent), and Florida (5.5 percent), California (4.08 percent), Utah (3.44 percent), Georgia (3.25 percent), Michigan (3.00 percent), Idaho (2.98 percent), Illinois (2.87 percent), and Colorado (2.51 percent).

Nevada had the highest foreclosure rate in the nation for the fourth consecutive year, according to RealtyTrac.

– Anne Wallace Allen

About IBR Staff

4 comments

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  3. As an agent in the valley here, I have seen that sales are starting to catch up with inventory more and more. Previously we had a very low absorption rate where we were seeing FAR more come on the market than was selling or could be sold. I have seen this problem ebb in the last twelve months and expect to see a strong first half of the year as many people will want to take advantage of interest rates before they rise.

  4. This will continue as high unemployment numbers continue to be high.Axleas
    Trey
    http://www.BuildIdaho.com