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Statistics show the housing market in Montana is far from stable. Realtytrac.com reports that foreclosures have risen five percent since May to June. And in Missoula County, it’s no different.
The County Clerk’s office reports that the number of foreclosure notices since January 1st are 325, compared with the same time last year, at 143. Kevin and Monica Ray, two local Missoula realtors, tell The NewsChannel that this seems to be a trend. "Hopefully we’re anticipating it being a very short lived trend, we think we have been relatively healthy over the several last year or so, but we saw 4th quarter last year things started taking a decline in general in the market, and at that point foreclosures started creeping up."
They also tell us that the highest numbers of foreclosures in Missoula are found in the 59808 zip code with many of them being in subdivision areas. "Definitely one thing we’re seeing are a lot of the new homes that were spec homes, built by local builders, there’s quite a few of those on the market right now," says Monica Ray. Monica says a lot of builders they work with are hesitant to start construction especially when a number of homes are still on the market from last year.
We also checked foreclosure notices in other counties in the area. Butte-Silverbow reported 76 foreclosure notices, up 54 from last year. And Flathead County officials reported 336 foreclosure notices compared to 166 for the same time last year. These are just foreclosure notices many of them will be paid before going into foreclosure.
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