The number of homes receiving foreclosure filings went down 17% in January compared to last year. Foreclosure filings fell sharply the first of this year, but we’re not ready to break out the dancing shoes yet! That’s still over 261k properties and a 1% increase compared to December.
“We’ve now seen three straight months with fewer than 300,000 properties receiving foreclosure filings, following 20 straight months where the total exceeded 300,000,” said James Saccacio, CEO of RealtyTrac.
Even amidst this slow down more than 78,000 borrowers lost their homes in January, which while terrible is still almost 30,000 fewer than it reached last September. Experts debate that this doesn’t necessarily reflect the true number of potential foreclosures on the market since most are just being postponed. The wise advice is to expect a spike in the future quarter; if that doesn’t happen it could mean foreclosures are being pushed back and true recovery could be even further out.
The fact that the number of people who are underwater rose to 27% in December, could be a sign that more foreclosure filings are in the wings as these homeowners have no home equity to draw from should they run into temporary severe finanical problems.
Despite this mixed news the real estate market in Idaho is bustling with activity. With foreclosure filings coming to a slow down the number of available foreclosed homes available will surely shrink; prices could inflate. If you are looking for real estate in Idaho the window of historic low prices and rates may slowly be closing.
Whether you are a seasoned investor or a first time home buyer looking to make the most of this market, Idaho Properties has the skills and experience to help make your next move a successful one. Get started on our website to find homes in Idaho that meet your needs!