Idaho Real Estate Foreclosures
Idaho’s economy showed signs of stabilization in the first part of 2011, after losing a significant number of jobs to the recession between 2009 and 2010. According to the United States Bureau of Statistics, the amount of workers affected in Idaho during this period of time is approximately 8.7 percent, with job loss being most significant in 2009.
At the same time, the total value of goods and services in the state of Idaho went down by 3 percent in 2009, which is statistically the first decrease in Idaho’s total economic output in around 60 years.
In comparison, the number of Idaho foreclosures decreased in 2011, with 158 foreclosure filings during the month of April, down about 33 percent from the number of foreclosures in Idaho during the month of March. The number of foreclosures in Idaho is also expected to increase significantly during the months ahead in 2011, as the recent halt to some foreclosures in Idaho begins to slow.
The rate and price of foreclosures in the beautiful state of Idaho increased in some cities in the period from March to April. In Saint Maries, Idaho investors paid as much as 1.03 percent more in general to purchase Saint Maries foreclosures from March to April, which represents a small increase as compared to some cities in Idaho.
At the same time in Boise, Idaho, people purchasing Boise foreclosures paid around 4.03 percent more to move into their dream home. Therefore, investors buying foreclosure properties in these Idaho cities paid a slightly higher price to purchase the property they wanted.
The rate and price of foreclosures in Idaho also decreased in some cities in the state of Idaho from March to April. The biggest decrease in the rate of foreclosures occurred in Payette, Idaho, with the rate of Payette foreclosures going down by 7 percent during the period of time in question. Investors purchasing foreclosure property in Idaho Falls, Idaho paid 1.38 percent less, when purchasing Idaho Falls foreclosures between March and April, a small but significant decrease.
Over in Twin Falls, Idaho, investors paid 5.61 percent less to take possession of Twin Falls foreclosures, while the price of investing in Jerome foreclosures decreased by 0.69 percent between March and April. Investors purchasing foreclosure properties in these Idaho cities therefore paid significantly less for their Idaho dream home.
In the latest news concerning Idaho foreclosures, Idaho lawmakers and the Idaho Bankers Association recently decided to support an Idaho bill scheduled to become law in September 2011. Bill 331 is designed to address specific complaints by consumers in Idaho of problems they have with loan servicer, the way foreclosures have been handled during the past, and the way they are presently being handle.
Sources indicate that around 300 consumers in Idaho have made a complaint concerning the way foreclosures have been handled. Bill 331 is expected to help people in Idaho dealing with a foreclosure understand their rights and obligations better and the options available to help them stay in possession of their home. The new bill will require trustees pursuing foreclosures in Idaho to mail a written notice of rescheduled foreclosures to the homeowner.
It will also require lenders to provide a new written notice for foreclosures on a homeowner’s primary residence, detailing the homeowner’s obligations and the results if the homeowner fails to take care of the problem. In addition, the new law will allow homeowners to request a loan modification, which the lender will have to respond to within 45 days of the request. Lenders will also need to file an affidavit with the county office where the residence being foreclosed on is located.
Find more Idaho Foreclosures
