{"id":6557,"date":"2012-04-12T16:14:36","date_gmt":"2012-04-12T22:14:36","guid":{"rendered":"http:\/\/stateimpact.npr.org\/idaho\/?p=6557"},"modified":"2012-04-12T16:14:36","modified_gmt":"2012-04-12T22:14:36","slug":"states-like-idaho-drive-decrease-in-national-foreclosures","status":"publish","type":"post","link":"https:\/\/stateimpact.npr.org\/idaho\/2012\/04\/12\/states-like-idaho-drive-decrease-in-national-foreclosures\/","title":{"rendered":"States Like Idaho Drive Decrease In National Foreclosures"},"content":{"rendered":"
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RealtyTrac<\/p>

To see RealtyTrac's March foreclosure data, click on the map above.<\/p><\/div>\n

The number of foreclosures in Idaho has remained relatively stable since October of last year, according to data from RealtyTrac, out today<\/a>.\u00a0 Foreclosure filings made a slight .62 percent dip in the first quarter of 2012.<\/p>\n

Compared to the first quarter of last year, filings have come down dramatically, falling by about 60 percent.\u00a0 Nationally, the number of foreclosure filings has dropped by a much less substantial 16 percent over the same period.<\/p>\n

RealtyTrac’s report<\/a> notes that states like Idaho using the non-judicial foreclosure process<\/a> are driving that national decrease.\u00a0 Lenders in non-judicial foreclosure states do not have to prove in court that a mortgager is in default.\u00a0 According to Robert Lang of Brookings Mountain West, that means non-judicial foreclosure states have tended to work through their backlogs of foreclosed homes more quickly.<\/p>\n

“There are places where it\u2019s pretty easy to get somebody out of the house quickly once they stop paying their mortgage,” Lang says.\u00a0 “You don\u2019t have to go through a formal review with a judge.\u00a0 And so what it does is it makes a house go to sale much quicker.”<\/p>\n

Judicial foreclosure states, on the other hand, have seen that inventory come to market more slowly.\u00a0 “There are [states] where you have to go through a lot of steps and a very formal process to get somebody out of the house,” Lang explains.\u00a0 “Then, there\u2019s not an immediate flood of inventory onto a market and it tends to stabilize house prices.”<\/p>\n

It’s a difference, more or less, of tearing the Band-Aid off, or easing it off slowly.\u00a0 States that take the former route — widely viewed as less protective of homeowners — may have seen their housing markets fall off sharply.\u00a0 But, Lang says, those markets also may be poised for earlier recoveries.<\/p>\n

With one out of every 278 housing units in Idaho receiving a foreclosure filing in three months of this year, the state’s foreclosure rate stands at 16th in the nation.<\/p>\n

 <\/p>\n","protected":false},"excerpt":{"rendered":"

The number of foreclosures in Idaho has remained relatively stable since October of last year, according to data from RealtyTrac, out today.\u00a0 Foreclosure filings made a slight .62 percent dip in the first quarter of 2012. Compared to the first quarter of last year, filings have come down dramatically, falling by about 60 percent.\u00a0 Nationally, […]<\/p>\n","protected":false},"author":46,"featured_media":6565,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":[],"categories":[13],"tags":[40,46],"acf":[],"_links":{"self":[{"href":"https:\/\/stateimpact.npr.org\/idaho\/wp-json\/wp\/v2\/posts\/6557"}],"collection":[{"href":"https:\/\/stateimpact.npr.org\/idaho\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/stateimpact.npr.org\/idaho\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/stateimpact.npr.org\/idaho\/wp-json\/wp\/v2\/users\/46"}],"replies":[{"embeddable":true,"href":"https:\/\/stateimpact.npr.org\/idaho\/wp-json\/wp\/v2\/comments?post=6557"}],"version-history":[{"count":0,"href":"https:\/\/stateimpact.npr.org\/idaho\/wp-json\/wp\/v2\/posts\/6557\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/stateimpact.npr.org\/idaho\/wp-json\/wp\/v2\/media\/6565"}],"wp:attachment":[{"href":"https:\/\/stateimpact.npr.org\/idaho\/wp-json\/wp\/v2\/media?parent=6557"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/stateimpact.npr.org\/idaho\/wp-json\/wp\/v2\/categories?post=6557"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/stateimpact.npr.org\/idaho\/wp-json\/wp\/v2\/tags?post=6557"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}