[MissoulaGov] Foreclosure Information

[Ruth Link]

Hello,

 

After the City Council meeting this past Monday, Bob Jaffe asked that I
provide information on the foreclosures in our area.  As we provide that
information in the Housing Report, I contacted Sheila Lund at First Security
to provide me with valid numbers.  First, it's important to note that not
all foreclosure notices turn into a foreclosure. Individuals may see a long
list of notices, but unless you understand that many of those homeowners
will be able to catch up on payments, it doesn't mean everything.  Plus with
the stimulus dollars, people are being provided more options to stay in
their homes.

 


Quarter

Notice of Foreclosure

Cancellations

Net


08-1st

69

46

23


08-2nd

58

46

12


08-3rd

67

48

19


08-4th

119

46

73


Yr End

313

186

127

				

09-1st

147

70

77


09-2nd

141

71

70


09-3rd

127

83

44


YTD

415

224

191


As you can clearly see in the graph above, when our nation's economy crashed
in the 3rd Quarter of 08, the number of families that had difficulty paying
their mortgage increased dramatically.  If we continue the trend for 2009 at
assume that we'll have another 63 foreclosures in 4th quarter, that brings
the number of foreclosures in our area to 254, clearly a significant jump
from last year's 127.  What needs to be clarified though is that although
higher than usual, it only represents about 1% of our owner-occupied
housing.  

 

I'm also hearing from my members that the "desirable" (in good condition)
foreclosed properties are selling quickly for pretty close to market rate.
We just aren't seeing a significant enough reduction in median price to
increase affordability dramatically.  (current market trends:
http://www.missoularealestate.com/index.php/fuseaction/market.main/ID/0d95f2
40)

 

Hope that helps.  Let me know if you'd like more information!

 

 

Sincerely,

Ruth A. Link

Public Affairs Director

Missoula Organization of REALTORS

1610 S. 3rd Street W, Ste 201

Missoula, MT 59801

(P) 406.728.0560

 

Please consider the environment before printing this email.

 

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