For years U.S. homeowners have been getting themselves into risky, adjustable mortgages with high interest rates.
Now, according to realtytrac.com, the national foreclosure rate is one U.S. household out of every 134.
However, for Bonneville County, which has upwards of 100,000 people, the foreclosure rate is not only low, but hasn’t even risen this year, amid all the housing and mortgage concerns.
There was 143 filings in 2005, with 55 having to actually sell the deed back to the bank or another homeowner. 148 filings in 2006, with 59 deed sales, and 143 this year with 42 deed sales.
Managers with Alliance Title and Trust in Idaho Falls say homeowners in Eastern Idaho are, for the most part, in conventional, fixed rate home loans.
They say since homes are affordable here, people have not had to get into exotic mortgages with adjustable rates in order to qualify for large loans.
Despite bad news around the rest of the country, those in the real estate industry here say with a good economy and robust growth, the real estate market is in pretty good shape, and they expect foreclosure numbers to stay low.