The State of Foreclosures in Idaho 2014

Idaho is another state in America that has a high rate of foreclosures despite having low population. With only a population of 2,873,234 it has high rate of foreclosure that stands at 0.1 percent. This makes it match the highly densely populated such as Texas and California. However, this is a decrease when compared to the previous year when the rate was estimated to be 0.12 percent.

According to the statistics produced by the federal government at the end of the year 2013, Idaho had a reduction in the rate of foreclosure by an average of 0.012 percent that symbolizes significant measures that the government took to make sure that there is a reduction in its rate. This has proved the measures that the government took with an aim of making sure that they get the best services at all the times. The research also indicated that 1 out of 70 houses in the state were facing foreclosure that is slightly high when compared to the existing population.

If you compare the state with others such as California State that has more than 40 million people, you can say that the rate of foreclosure at 0.1 percent is slightly high. However, according to the previous year, this was an improvement especially for those investors who may be looking for an opportunity to invest in real estate within the state. Both financial and real estate experts have been optimistic that things will change by the end of the year and rates will go below 0.1 percent and continues to go down in the subsequent years.

This is evidenced in large cities in Idaho such as Boise, Nampa, Meridian, Post falls, and Rexburg. The rates has begun to fall by 3.4 percent, 5.6 percent, 4.2 percent, 6 percent and 3.5 percent respectively in the cities. This will for sure have an impact of the general rate of foreclosure at the end of the year.

In the last 6 months, the number of cases pending has reduced by 10 percent compared to the year 2012 when they were 6 percent. With the trend, this is like to stabilize the rate of foreclosure at a rate less 7 percent at the end of the year 2014. The Idaho senate government has also been keen to make sure that these rates reduce to below 6 percent at the end of the year 2014 through the measures that they have taken. The number of people withdrawing their files had also increased by 12 percent. In addition, 70 percent of all the residents in Idaho are optimistic that the rates will reduce significantly to less than 5 percent at the end of the year if the trends continues unchanged.

As the market starts the second half of the year, the only hope is that the trend continues at the same rate without any financial crisis and market reaction by may affect the market hopefully at the end of the year 2014. This will also have an impact in the economy of the state as well as that of the entire country if things go on unchanged for the rest of the 5 months in this amazing state of Idaho.

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