Western Montana's Bitterroot Valley is Hit Hard By Foreclosures

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Bitterroot River in Ravalli CountyWestern Montana's Bitterroot Valley is Hit Hard By Foreclosures

According to a recent article in The Ravalli Republic, property foreclosures in the Bitterroot Valley have skyrocketed over the past year.

The county recorded 339 trustee sales notices between October 2008 and October 2009 - an 83% increase from the previous year and a shocking 260% increase from the year before that.

The article goes on to state that the total number of trustee sales won't be known until next spring but it is estimated to be exceed 400.

The report is consistent with reports of declining sales in rural housing markets across the country. The Bitterroot Valley also experienced higher gains and rapid construction during the good times.

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Rainer
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Guy Thomas
WR Starkey Mortgage - Colorado Springs, CO

Thanks for the update.  Sorry to hear that your area has been hit so hard. 

Nov 01, 2009 07:09 AM #1
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Lenn Harley
Lenn Harley, Homefinders.com, MD & VA Homes and Real Estate - Leesburg, VA
Real Estate Broker - Virginia & Maryland

What on earth is causing this phenomonon??  Is there an unemployment problem.  How can that increase in trustee sales be explained???

Nov 01, 2009 08:10 AM #2
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Renée Donohue~Home Photography
Savvy Home Pix - Allegan, MI
Western Michigan Real Estate Photographer

Um Wow!  Like Lenn asked, is there anything you can pinpoint the cause to or is this strategic defaulting?

Nov 02, 2009 01:52 AM #3
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Monica Bourgeau
New Phase Business Coaching - Portland, OR
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Thanks for the note Guy.

Lenn & Renee - we have several bank owned properties in the Bitterroot that were "spec" homes and were builder owned. I think it was caused by the huge number of new homes that were built in the past couple of years and the sharp drop in sales in the area. The Bitterroot was really hot for buyers before the collapse. We did have a lot of out-of-state buyers which aren't coming as quickly due to the hit to other markets.

We haven't seen nearly as much of an increase in foreclosures in Missoula, but we have seen it in the outer areas. Sales are good in Missoula but have really dropped in the surrounding counties - Ravalli, Mineral & Lake. There are a lot of really good buys right now in those areas.

 

Nov 02, 2009 02:30 AM #4
Rainer
478,183
Not a real person
San Diego, CA

It seems that high-end properties and rural properties are lagging behind city properties. Our low-end properties have been booming here since January when President Obama took office.

Nov 02, 2009 02:05 PM #5
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Paul Gapski
Berkshire Hathaway / Prudential Ca Realty - El Cajon, CA
619-504-8999,#1 Resource SD Relo

Yes I agree high-end properties have been hit the hardest for sure as well as condos here is San Diego

Oct 02, 2011 03:27 AM #6
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