The slow down in the real estate market is causing home prices to fall across the country and Idaho is not immune to the change. Home owners who purchased houses in Boise, Eagle, Meridian, Nampa and other cities around Idaho are feeling the slump. There are many people who purchased houses last year when the market was at its peak and house prices were high. Others refinanced their house to spend the equity they gained of the last year of high appreciation. Now that house prices are falling people owe more for their house than what it is worth.
This trend is increasing the foreclosure rate in Idaho. The foreclosure rate for the first half of 2007 rose 21 percent compared to the same time in 2006. In the first half of 2007 there were 1,174 foreclosure fillings in Idaho compared to 1,418 for the same time in 2006.
So, how are they supposed to sell their house if they own more than what it is worth? Well there are ways and it is much better than foreclosure. If you need to stop foreclosure and sell your house contact your local home buyer. Local house buyers are professionals who help owners stop foreclosure and save the sellers credit. Visit http://www.ExpertHomeOffers.com for a free offer for your house.