What on earth is causing this phenomonon?? Is there an unemployment problem. How can that increase in trustee sales be explained???
Um Wow! Like Lenn asked, is there anything you can pinpoint the cause to or is this strategic defaulting?
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.
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.
Yes I agree high-end properties have been hit the hardest for sure as well as condos here is San Diego
Thanks for the update. Sorry to hear that your area has been hit so hard.