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Banks under Fire for Rise in Foreclosures

By
Real Estate Agent with RE/MAX Advantage

According to the latest reports by RealtyTrac, a record 360,149 homeowners received a foreclosure notice in July - a whopping 7% increase over figures from June. Despite recent good news about an increase in existing home sales and stabilizing home prices, the foreclosure crisis itself doesn't seem to be easing up.

The government - both Federal and State - continue their efforts to create alternative solutions for homeowners in distress. Just two weeks ago, the Obama Administration released statistics about the number of homeowners who have been offered assistance under a number of the programs available to help prevent foreclosure, in an effort to put pressure on banks and mortgage lenders for not doing enough to help homeowners in trouble. Overall, only 15% of eligible homeowners have received assistance.

The bottom line is, as the number of foreclosure filings continues to replace some or, in some cases, nearly all of, the number of new and existing homes sold each month, the housing market will continue to struggle, and prices, while the decline may lessen, won't rebound.

In Idaho real estate, there were 2,491 new foreclosure filings in the month of July, and only 83 foreclosure properties sold. 1,074 of those were in Ada County alone.  The number of Idaho foreclosures on the market is increasing substantially. The average sales price for an Idaho foreclosure was only $184,527.

The number of sales in Ada County decreased in July as well. In June, there were 448 properties sold compared to only 282 in July. Another interesting fact - the average sales price was down a bit, too: from $198,625 in June to $192,619 in July, although the average sales price per square foot remained the same at $102.

You can even beat the incredible $102 per square foot average sales price by taking advantage of the many foreclosure properties in the current Idaho real estate market. Idaho home prices are very, very reasonable right now, so call your local Boise foreclosure expert to make an appointment to view one of the many fine homes on the market today.