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Idaho foreclosure rate continues descent

The number of foreclosed homes and foreclosure starts in Idaho have continued to plummet, with Idaho now far below the national average foreclosure rate.

Idaho ranked 39th in the country in August in foreclosure rate, with one of every 2,355 housing units having a foreclosure filing during the month. That’s less than half as frequent as the national average, according to new data from housing data company RealtyTrac. Following the collapse of Idaho’s housing market in 2006 and 2007, Idaho consistently ranked in the top ten in the foreclosure rate.

Idaho had 163 foreclosure starts in August, down 16 percent from August 2012, and 281 total foreclosure filings, down 61 percent from a year ago.

Nationally, year-over-year foreclosure activity decreased for the 35th consecutive month in August, dropping 34 percent from 2012 and 2 percent from July 2013. Idaho was among 33 states with a drop in foreclosure starts from July to August. Bank repossessions did increase 6 percent from July but are down from 2012.

“The foreclosure floodwaters have receded in most parts of the country, but lenders and communities continue to clean up the damage left behind, which means the recent uptick in bank repossessions is a trend that will likely continue into next year,” Daren Blomquist, vice president at RealtyTrac, said in a news release.

Foreclosure starts were up in neighboring Utah, Nevada and Montana. Las Vegas posted the third highest metro foreclosure rate in the country, with the other top ten metro areas in Florida and Ohio.

 

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