Number of New Hampshire Homes in Bank Foreclosure List Continues to Grow

There are two ways in which New Hampshire’s home market has been greatly affected by the growing number of homes in bank foreclosure list. One, only one percent of all properties occupied by their owners represent foreclosure homes and two, 25 percent of the homes presently for sale in the local market are actually foreclosures.

It is therefore safe to assume that whenever a property ends up in a bank foreclosure list, the entire neighbourhood suffers from the fall out in terms of home prices. Again, realtors and lenders are looking at this phenomenon in two ways. True, with the state struggling to improve its economy, the increasing number of foreclosure properties does not bode well. On the other hand, these repossessed homes are also attracting buyers looking for home bargains.

Compared to other states, New Hampshire is actually faring better. For starters, the lack of a housing boom has become a blessing in disguise considering that states which thrived from such housing boom are now in the throes of the worst housing crisis to ever hit the nation in a very long time. In fact, you can still drive through many New Hampshire streets and not observe neighborhoods with majority of the homes in bank forclosure list.

Of course, state officials are not assured by such picture especially since the number of homes in foreclosure has increased sharply in the last three years. This particular trend can be attributed to a host of factors including rising ARM rates, unemployment and expensive mortgages that were not regulated previously.

In addition, troubled homeowners are no longer those individuals who took out adjustable rate mortgages. In recent years, homeowners, who are at risk of losing their homes to a bank forclosure list, are those who took out fixed-rate mortgages. This only shows that the current foreclosure problem in the state is driven by bigger economic forces including wage cuts and job losses.

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