Bringing the Economy Home

A Quarter Of Houses Sold In Idaho Last Year Were Foreclosures

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24.75 percent of houses sold in Idaho last year were foreclosures

Almost 25 percent of the houses sold in Idaho last year were foreclosure sales.  That’s according to RealtyTrac, a company which specializes in housing market and foreclosure data analysis.  Last year, foreclosure sales were about 23 percent of all houses sold, nationally.

Other western states had among the highest rates of foreclosures sales in 2011.  Numbers for Idaho’s neighboring states like Montana and Wyoming are not available because RealtyTrac doesn’t have “sufficient data” for those states.

[spreadsheet key=”0AiLU6Cs5LWZIdEFWVjlTeU4xXzNuSFJJLXdpamlxMWc” source=”RealtyTrac” sheet=0 filter=0 paginate=0 sortable=1]

Today’s report also looks at the quarterly foreclosure sale data.  For the fourth quarter of 2011, Idaho’s foreclosure sales equaled about 20 percent of all homes sold.  That’s nearly a 30 percent decline from last year’s third quarter, and a 40 percent decline from 2011’s second quarter. That’s a trend that can be seen nationwide.

RealtyTrac CEO Brandon Moore says foreclosure sales have slowed because of uncertainty surrounding foreclosure paperwork and procedures.  “Even so, foreclosures accounted for nearly one in every four sales during the quarter and for the entire year. We expect to see foreclosure-related sales increase in 2012, particularly pre-foreclosure sales, as lenders start to more aggressively dispose of distressed assets held up by the mortgage servicing gridlock over the past 18 months,” Moore says.

According to RealtyTrac, Idaho’s foreclosure rate continues to decline.  Idaho’s rate dropped from eighth in the nation in 2010 to tenth last year.


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