Idaho Remains Among Top 10 States In Foreclosure Rate - Spokane, North Idaho News & Weather KHQ.com

Idaho Remains Among Top 10 States In Foreclosure Rate

IDAHOSTATESMAN.COM - According to RealtyTrac, Idaho's foreclosure rate ranked the state eighth in the nation last month despite a 42 percent drop in the number of distressed homeowners in the state in the past year.

The RealtyTrac report for July showed 1,552 homeowners in the state were in some stage of the foreclosure process in July, or one in every 417 households.

In the Treasure Valley, Ada County had 472 homes in foreclosure, followed by Canyon County with 399.

Kootenai County was the only other Idaho County in triple digits, with 142.

Idaho's eighth place ranking in the RealtyTrac survey marked the 30th consecutive month dating back to January 2009 that Idaho has ranked among the nation's top 10 states in foreclosure activity.

Nationwide, 212,764 U.S. properties were facing foreclosure last month, a 4 percent decrease from June and a 35 percent decrease from July 2010.

The decline in the foreclosure rate can be traced to the so-called robo-signing controversy that forced many major lenders to scale back on their foreclosing activity, as well as a "smorgasbord of national and state-level foreclosure prevention efforts — including loan modifications, lender-borrower mediations and mortgage payment assistance for the unemployed" that are helping financially troubled property owners stay in their homes longer, said James J. Saccacio, chief executive officer of RealtyTrac.

"Unfortunately, the falloff in foreclosures is not based on a robust recovery in the housing market but on short-term interventions and delays that will extend the current housing market woes into 2012 and beyond," Saccacio said. "A stabilizing economy and improving job market are the long-term keys to a housing market recovery."

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