For the first time in a year, the Dow Jones Industrial Average topped 10,000.  JP Morgan Chase has reported higher than expected earnings for the third quarter, and banks and securities firms are reported to be paying out record levels of employee compensation and bonuses this year.

Amid what seems to be highly promising news about the state of our economy, a rather gloomy fact looms: Foreclosures have hit an all-time high. How can this possibly be happening? It’s apparent that Wall Street is on its way to economic recovery – and not long after the government spent billions of dollars bailing out the very financial institutions that are now reporting record earnings.

Foreclosures have risen a whopping 23% since this time last year, with approximately 940,000 homes falling into foreclosure during the third quarter. That’s nearly 1 in 136 homes in the U.S. that received a foreclosure filing in the third quarter alone! The national unemployment rate is predicted to soon top 10%. We may just be witnessing a widening gap between the upper and middle classes.

In Idaho real estate, foreclosures rose 28% during the third quarter – 5% higher than the national increase. Nevada, Arizona, and California topped the list for the highest foreclosure rates in the third quarter – a trend we’ve been seeing since near the beginning of this economic crisis. Idaho, unfortunately, made number five in the top ten states with the highest foreclosure rates.

For investors or those considering a move to the beautiful state of Idaho, it should be easy to find a bargain in Idaho real estate for some time to come. We’re entering the typically slower winter months, so it’s not likely that inventory will decrease significantly in the near future – paving the way for a buyer’s market in Idaho real estate through next fall.

Call an Idaho mortgage lender to take advantage of current low interest rates and find out about various loan programs for which you may qualify. You could get a great deal on an Idaho foreclosure!

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