Overall, from January to April, foreclosures were the lowest they’ve been since 2007. But selling these foreclosed homes remains a stubborn problem. Jane Law of the New Hampshire Housing Finance Authority says there’s a “mismatch” between what first-time homebuyers want, and what’s available.
“On the lower end of the market, there’s not that much housing stock out there for them to get into, without getting into something like a home that needs a rehab," she says. "And you need those first-time homebuyers out there to generate activity.”
Law says some foreclosures have been empty for five or six years. Right now, there are about 3,500 foreclosed homes on the market. That’s 1.4 percent of mortgaged homes in the state. But it could still take more than a year to sell off this remaining inventory.