Foreclosures Decline in Boone County
COLUMBIA - Boone County is reporting the lowest number of foreclosures since 2006.
So far, 189 homes have been foreclosed on in 2013. There have been an average of about 19 foreclosures monthly in Boone County. Based on previous months, foreclosures are expected to be lower this year than previous years. However, the number will rise from 189 because foreclosures in November and December have not been reported.
This downward trend is something new. Beginning in 2007, there have been more than 230 foreclosures annually in Boone County. There were 88 more forclosed homes in 2007 than in 2006, which had 143 foreclosures.
Reza Abati, Senior Mortgage Banker at USA Mortgage in Columbia, attributes the lower mortgage rates to stricter rules. "As the lending has slowed down a little bit, the foreclosures stop as well."
"Columbia always was a good market," Abati said. He said the market didn't suffer as big of a spike in foreclosures as other areas of the country.
"Some of these foreclosures take a year or two to take place." He added, "If the data is getting better now, it's even going to be hopefully better in a few years."
To view Boone County's foreclosure records, click here.