Tagged: foreclosure

Since 2005, the number of foreclosures in New Hampshire has increased 700 percent. Last year, more than 3,800 families were forced out of their homes due to foreclosure.

New data from the New Hampshire Housing Finance Authority paints a mixed picture of the State’s housing market. 

288 New Hampshire homes slipped into foreclosure in January. That’s a 22-percent decrease from the prior month, but still well above pre-recession levels.

“It is not a case of 'bam', we wake up one morning and the foreclosure issue is gone,” said Jane Law with NH Housing. She said the market is showing signs of a slow recovery. 

The high number of vacant homes continues to hurt home values. January data shows prices off 4-percent from January, 2011.

Home foreclosures continued to nudge down in October and the state’s housing agency is beginning to speak of the foreclosure crisis having turned a corner.

By historic standards, the number of people losing their homes is still high.  October saw about 260 households with that problem.  But that’s about 40 less than the month before and from the start of the year, the overall trend is down.

Jane Law with New Hampshire Housing says lenders are taking longer to process foreclosures.  There are many reasons but one is potentially encouraging.  Some banks think the market will look better in a few months.

We’ll look at the impact of 2nd homes in New Hampshire on property taxes, demographics, and jobs.

It looks now as though 2010 will be the high water mark for foreclosures.  The New Hampshire Housing Finance Authority predicts 2011 will see a slight improvement over last year.

 Jane Law with New Hampshire Housing says she’s truly glad the state is unlikely to match the level seen in 2010.

“When you look at the foreclosure notices, the foreclosure deeds.  All of it seems to be trending down.”

About 300 owners lost their homes in September.  That’s 8% less than a year ago.  Until now, New Hampshire Housing has been reluctant to forecast how the year will end up.  But with just three months left, it now expects to see about 3600 in 2011.

That’s close to the total in 2008.  However, in normal times, the state might see just 500 foreclosures a year.

Grand plans for a huge resort community around the Mount Washington Hotel have fallen apart and a foreclosure auction is planned.

About 900 acres surrounding the Mount Washington resort – including two golf courses - are going on the auction block late in June.

 That includes about 500 wooded acres that the owners had hoped could be turned into a huge, upscale development with hundreds of homes and retail shops.

 The auction does not include the Mount Washington Hotel or the Bretton Woods Ski Resort, according to Paul McInnis Auctioneers (http://www.paulmcinnis.com/auctions/mt-washington-bretton-woods/).