Idaho has the nation’s 7th-highest rate of filings; Nevada’s rate is highest.
From The Idaho Statesman
Idaho foreclosures stabilize in May as banks hold back
BY ALAN ZIBEL – THE ASSOCIATED PRESS
Published: 06/10/10
The foreclosure crisis appears to be leveling off.
The number of people facing foreclosure is nearly flat from a year ago, according to the latest report from RealtyTrac Inc. A third fewer people are receiving legal warnings that they could lose their homes. And foreclosures are receding in some of the hardest-hit cities.
Still, the number of foreclosures remains extraordinarily high. Experts caution that a big reason for the stabilization is that banks are letting delinquent borrowers stay longer in their homes rather than adding to the glut of foreclosed properties on the market. New consumer protection laws have also meant borrowers can spend more time in their homes.
A new wave of foreclosures could be coming in the second half of the year, especially if the unemployment rate remains high, mortgage-assistance programs fail, and the economy doesn’t improve fast enough to lift home sales.
“It’s not anything like a recovery yet,” said Rick Sharga, a senior vice president at RealtyTrac Inc., a foreclosure listing service.
RealtyTrac reported Thursday that nearly 323,000 households, or one in every 400 homes, received a foreclosure-related notice in May. That was up 0.5 percent from a year earlier but down 3 percent from April.
But in a sign that the crisis is far from over, the number of homeowners who lost their homes to foreclosure hit a record of nearly 94,000 in May.
Among states, Nevada posted the highest foreclosure rate in May. One in every 79 households there received a foreclosure notice. However, foreclosures there are down 16 percent from a year earlier.
Idaho’s No. 7 ranking was down from No. 6 in April, when 2,833 homes – one in every 226 homes in the state – were subject to foreclosure filings, RealtyTrac said. One in 309 homes were subject to filings in May.
Read more: http://www.idahostatesman.com/2010/06/10/1224966/foreclosures-stabilize-in-may.html#ixzz0qQZw4R24
