Idaho Foreclosure Rate DeclinesPosted by Kevin Hughes on Friday, February 1st, 2013 at 3:49pm.
In the years since the 2008 market crash, Idaho has been among the states suffering most. The foreclosure rate in Idaho has been within the top ten highest in the nation for nearly four years, but reports from State Impact of 2012 indicate that Idaho is on an upward swing (http://stateimpact.npr.org/idaho/2013/01/17/idahos-foreclosure-rate-continues-to-fall/). This is great news for homeowners, prospective buyers, real estate agents, and businesses alike.
Of the homes and properties in Idaho in 2012, nearly 8 thousand were listed for foreclosure. This number, although still high, is a comparative boon to Idaho’s 2011 and 2010 values. It represents a 30 percent decrease since 2011 and a 60 percent decrease from 2010 in the number of foreclosed homes. If the rate continues to drop as dramatically in 2013, then chances are that Idaho will experience a great recovery. Real estate in Idaho is a good investment now in anticipation of a healthy real estate future.
Idaho by County
The number of foreclosed homes in regions of Idaho varies. In the real estate centers of Idaho, namely Nampa, Meridian, and Boise there are about 300 total foreclosed properties. This is not ideal, but with work, Ada County can recover to be in as good standing as its neighboring counties, Boise, Elmer, Gem and Owyhee, which altogether have only 22 foreclosed homes. If you are looking at northern properties, Clearwater, Kootenai, Shoshone, and Benewah Counties average about 1 foreclosed home in every 2,000. This is excellent for homeowners in the region, since a vast majority were able to successfully make their home payments in 2012. In southeast Idaho the numbers are optimistic, with a moderate rate of 1 foreclosed home in every 1,000.
Top TenAlthough Idaho is still relatively high on the list of states with the highest percentage of foreclosed homes, it has boosted itself out of the top ten and is holding its own at number fourteen. The states currently in the top ten are Colorado, South Carolina, Michigan, Ohio, California, Illinois, Georgia, Arizona, Nevada, and Florida. You may notice that although these states have high foreclosure rates, they are all excellent places. In the dark shadow of the economic crash, these wholesome places still retain their aesthetic value and will recover their economic value. Idaho is no exception to this rule and is currently on the right track for a real estate recovery. Ask any Idahoan and they will tell you with enthusiasm how much they love living in the Gem State.
Talk to one of our agents about a house or property Idaho. They will help you find a beautiful home that meets your needs, and in the rapidly recovering market you will be able to make your home payments with confidence. Consider Idaho for your next home purchase and see why Idahoans are so in love with this great state.
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