The subprime mortgage crisis and subsequent boom in foreclosures haven't been seen in Montana to the extent they have in some other parts of the country, but local officials aren't taking any chances.

Tuesday evening, several groups will host a free foreclosure clinic for families in trouble with their mortgage payments. Presented by the Montana HomeOwnership Network, Rocky Mountain Development Corp. and Helena Area Housing Task Force, the clinic will feature presentations on how to work with lenders, loan programs available, budgeting and options for selling a home that is no longer affordable.

"There's no reason for people to fall prey to these (subprime mortgages) other than lack of information and knowing how bad they can be," said Beki Brandborg, homebuyer educator for RMDC who hosts regular first-time-homebuyer and money-management classes.

The meeting is scheuled from 6-8 p.m. at St. Paul's Methodist Church. Call Brandborg at 442-2265 for more information.

Earlier Tuesday, a professional seminar for bankers, real estate professionals and others in the housing or lending professions will address the foreclosure crisis and what it means for Montana. Speakers from the Montana Board of Housing, Montana HomeOwnership Network and Neighborworks will discuss current statewide trends.

Montana has typically had lower foreclosure rates than the rest of the country, and Michael Grover, a researcher with the Federal Reserve Bank of Minneapolis, said that still appears to be the case.

"Foreclosure rates in Montana tend to be lower, and they've remained relatively stable over time," he said. "While the trend line for the nation has gone upward, Montana tends to fluctuate very lightly and is more of a straight line going forward."

Grover said Montana's average home prices have moved in similar fashion to those nationally since the turn of the century, albeit to a lesser degree, peaking in 2006.

"Certainly the national picture has trended downward since 2006, and very steeply," he said. "Montana has dropped, but hasn't dropped as steeply."

Still, he cautioned that adjustable-rate mortgages resetting to higher interest rates (and thus higher monthly payments), a possible national recession and continued deterioration in the housing market could darken the picture here.

In 2006, one in five loans made in Montana was considered subprime. While that number is still lower than what was seen in many other states, "it's still a future concern," he said.

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