Homebuyers and investors find foreclosure listings the most convenient and fastest way to choose and buy foreclosure properties. Now they have more foreclosure listings to choose from as two cities in Idaho have become the new hot spots for foreclosures. This means that bargain-priced properties are now flooding the Idaho market.
Recent market data showed that housing markets in Boise and Nampa in Idaho are the new hot spots of foreclosures in the country. The biggest year-over-year foreclosure rate increases across the country occurred in the area of Boise and Nampa and Utah cities of Provo, Orem and Salt Lake.
Industry experts said that prospective buyers find foreclosure listings in Boise and Nampa loaded with low-priced deals. In the third quarter, foreclosure rate in the area rose by a whopping 142 percent compared with the same period last year.
So far, there were 4,157 foreclosed homes in the housing market of Boise/Nampa. The rising unemployment is the major factor being blamed for the growing foreclosures in the area. But industry analysts are hoping that the slight improvement in the labor market figures would be a start towards the recovery of the local economy and the housing market.
In September, the seasonally adjusted rate of unemployment in the state declined to 8.8 percent. On the other hand, the national unemployment rate rose to 9.8 percentage point while the economy continued to be sluggish and unresponsive to efforts to revive it.
The Obama Administration accredited the drop in the unemployment rate in Idaho on the nearly 2,103 jobs saved or created through the help of the federal stimulus funds. The federal government has been aggressive in its campaign to help stave off foreclosures across the country, launching programs such as loan modification and Neighborhood Stabilization Program.
It also intensified its efforts to address the growing unemployment rate. However, U.S. Timothy Geithner said that the stimulus program is just beginning to show some results, adding that it would take some considerable amount of time for jobs to be created and unemployment to descend from its current rate.
On its part, Idaho provided about $504 million worth of supplemental and extended unemployment insurance benefits. For the meantime, buyers can continue to find foreclosure listings with good deals in Idaho as more and more homeowners walk away from their properties that are worth less than the total mortgage they owed.
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