Foreclosures Are On The Rise In These 10 Cities, Including Boise
It can be terrifying for many people when foreclosures continue to rise throughout America for the second year. Luckily this is a unique trend across the country. Suppose you're considering moving from Idaho for one reason or another. In that case, there are ten cities where foreclosures are up the most. You might want to avoid these ten cities.
Realtor pulled the data from ATTOM, a real estate data clearinghouse. Realtor said, "In June, roughly 2.5 out of every 10,000 homes had a distressed property or foreclosure filing."
Realtor.com shared that one primary reason foreclosure filings are on the rise is likely due to the pause in foreclosure activity during the COVID-19 pandemic. The increase in foreclosures filings is likely catching up with borrowers who might have already been foreclosed on months or years ago.
One mentioned factor is that property tax assessments can sneak up on homeowners with the pace of home value increases over the past few years. Yes, a rising tax bill sure can be a burden but with inflation hitting many homes with the price of groceries, gas, and other bills sure can squeeze homeowners' budgets.
What's happening in Boise?
First, let us give you the methodology of how these numbers came to be. Realtor.com says, "To make some sense of what's going on with foreclosures, we ranked metropolitan areas with high and growing foreclosure rates by comparing June 2023 ATTOM data to May 2023 and June 2022 to see where the foreclosure rate is rising month over month and year over year. Then we ranked these metros based on the current foreclosure rate. We selected only one metro per state."
Boise Distressed home per 100,000:
June 2023: 2.1
May 2023: 0.4
June 2022: 0.6
As you can see, Boise is up compared to last month.