Study: Montana retains one of the nation’s lowest home foreclosure rates
One in every 1,776 homes in the U.S. are currently in foreclosure, though in Montana, the rate is just one in every 6,277 residential properties, according to a study released Tuesday.
Montana’s low foreclosure rate places it fifth on the list of the nation’s lowest rates, just behind North and South Dakota,Vermont and West Virginia, according to a trend and market analysis conducted by RealtyTrac.
“Like most of the ‘least foreclosures’ states, Montana’s home foreclosure rate is significantly lower than the national average (.02 percent versus .06 percent) and the outlook on home values is especially strong,” the study stated.
According to Zillow, the median home value in Montana stands at $223,414, and state home values have risen 7 percent over the past year. This year, the increase in value is anticipated at 3.8 percent, combining for a price increase of more than 10 percent in two years.
The median price of a home in the Missoula market increased 5.2 percent in 2017 and is up nearly 25 percent over the past 10 years. The median price of a home in Missoula now stands at $281,900, according to the Missoula Organization of Realtors.
New Jersey, Delaware, Illinois, Maryland and Nevada had the nation’s highest foreclosure rate. In New Jersey, it’s one in every 605 homes, according to the study.