Daily Real Estate News  |   February 5, 2008

Prime ARMs Fall Into Foreclosure Too

Subprime adjustable rate mortgages have gotten a lot of publicity, but the holders of prime ARMs are also going into foreclosure.

"The fact is the pain of the changing real estate markets is affecting more than just subprime borrowers," says Keith Gumbinger, vice-president of HSH Associates, a New Jersey-based financial information publisher. "It's more important to think of it as perhaps an ARM problem and a rate reset problem, not just a subprime problem."

Here are the top 10 states with the largest percentage increase in the last year of foreclosure actions relating to prime adjustable rate mortgages.

1. Arizona: 902 percent
2. Florida: 708 percent
3. Nevada: 668 percent
4. California: 661 percent
5. Delaware: 447 percent
6. Hawaii: 369 percent
7. Virginia: 362 percent
8. Idaho: 344 percent
9. Louisiana: 321 percent
10. New Hampshire: 245 percent

Source: BusinessWeek.com, Prashant Gopal (02/01/08)

For an up to date list of available Idaho Foreclosure Properties, click here!

The good news is that mortgage rates are LOW again & buyers are beginning to realize that prices have reached the bottom and it's time to buy a house!  There are currently over 1400 homes for sale in Nampa, Idaho and nearly 2600 available homes for sale in Boise, Idaho!

Always looking out for your next move on Idaho Real Estate in the Boise Real Estate market,

Don  (208) 880-5039

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