NH Foreclosures Are Creeping Up Again

Despite government intervention in the foreclosure crisis as well as tax credits for fist-time home buyers, NH homeowners are still seeing record-setting foreclosures.

(I-Newswire) July 6, 2009 - Pelham, NH � July 6, 2009 - ForeclosuresNH.com, NH's primary source for foreclosure and REO data is reporting 868 foreclosure filings in the month of June 2009, an increase of 16% from May 2009 (750) and a 10% increase from June 2008 (789). This brings the total number of foreclosures posted in the first 6 months of 2009 to 4779, an increase of 17% over the same period in 2008 (4062) and an increase of 91% over the same period in 2007 (2502).

The root of the foreclosure crisis has shifted from the sub-prime loan fallout to a deteriorating economy. The band-aid for the sub-prime loan fallout were stricter lending practices but now that the economy is struggling, these lending practices are making it more difficult for a homeowner to refinance, especially if that homeowner is one of the 6.4% who are unemployed in the state. Abandoned property is a growing trend where homeowners are walking away from their home due to a either a job loss/layoff or being upside-down in their mortgage or overwhelmed with bills/debt.

On the other hand home sales in the state are steady with the two driving factors being a lower median sales price due to a larger inventory and tax credits for first-time home buyers as well as other tax credit incentives. With real estate investing, there is always opportunity, the opportunity here is purchasing homes at below market value either through short sales or bank owned property (REO). The investment path you choose is dependent on the property because flipping homes in this market is possible but rare and renting is high risk, especially when the unemployment rate is high.

If you ever have any questions about investing or just real estate questions in general, we are ready and willing to do what we can to help you in your endeavors.

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ForeclosuresNH.com
PO Box 930
Pelham, NH 03076

Phone:877-443-3584
E-mail:pr@foreclosuresNH.com

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James Kenney

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July 6, 2009

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