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Boise Sees Growing Rates of Foreclosure Homes
By jason | May 15, 2008
Boise, Idaho has been no stranger to the effects of the national foreclosure surge, and it seems that things may be getting worse for the city. Ada County, of which Boise is the seat, saw 200 foreclosures in April of 2008, while in April of 2007 there were only 42. This represents over a 400% rise in one year, and it has many residents alarmed, and many potential foreclosure investors looking for deals.
Idaho’s foreclosure rate is 20th in the nation, with one in every 775 properties in some stage of foreclosure, but Boise’s situation is much worse. The problem is that while foreclosures are high due to people buying newly developed homes at the peak of the market a few years ago and then becoming unable to keep up with payments or sell once the market fell, they don’t show any signs of decreasing. The rate of homes in default is way up as well, and as time goes on and property values fall further, more and more of those homes in default will end up in foreclosure than they did in the past.
While several big businesses have recently set up headquarters in Boise, the expected population growth that investors banked on as a result hasn’t been enough to sustain the huge fall off in the market.
Still, buying foreclosures could be good long term investments, as once the market rebounds, Boise is a city with a lot of potential for growth, and therefore good investment value if you can get in fro a good price.
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Topics: Foreclosure Rates |