Idaho Experts See Hope Despite Rising

by on States

There is hope for better days ahead soon despite the continuing increase in the number of bank foreclosure homes and unemployment in Idaho, according to industry experts.

Market data showed that key economic indicators, including foreclosures and unemployment have not back track from their upward path. However, industry experts are confident that the negative trends will soon slow down. They said that the statistical performance of key economic indicators may be rising but in a slow pace unlike the previous months.

Economists said that the impact of recession is not lessening but neither is it worsening. They said that the country’s economy may already be starting to bottom out. However, they do not expect Idaho’s economy to bottom out for the next three months.

One precursor of economic recovery in Idaho is found in the housing market. Experts said that last month, the number of bank foreclosure homes starts declined by almost 10 percent. Last month’s trend was a relief after a dramatic increase in the number of notices of defaults to 819 in the previous month.

Industry experts said that even a 10 percent drop in foreclosure filings was a good start of recovery for the state. But if the 10 percent represents almost 800 repossessions month over month, it is a big deal to consider.

Meanwhile, short sales on the market are showing signs of stability despite the continuous increase in numbers to 2.98 percent or 2,765 in August. Short selling involves the sale of troubled properties for less than the amount owed by homeowners for their mortgages.

Another indication that the recovery is on its way is the recent developments in the business community. Caldwell has started the demolition of a major downtown site which is expected to host several new developments, including a branch of the Treasure Valley Community College branch and Darby’s at the Market.

Industry experts said that downtown Nampa is on the brink of recovery. They said that the area is starting to revive itself and a great number of potentials abound in the area.

On the other hand, industry experts believed that building construction, particularly in the home sector, is an area with potential growth. They said that the rising number of bank foreclosure homes has influenced many people to review the way they conduct business and the overall cost of operation.