March 2009

There are 4 blog entries for March 2009.

The American Recovery and Reinvestment Act of 2009 provides a federal tax credit of up to $8,000 for first-time home-buyer's (or those who have not owned a home in three years). The Idaho Housing and Finance Association (IHFA) just came out with a new program to help buyer's utilize the tax credit for down-payments/closing costs.

In conjunction with an IdaMortgage loan, a 2nd loan will be offered to qualified home-buyers in the amount not to exceed 5% of the sales price or $7,000.  The loan will accrue interest at 3.0% with a due date of July 1, 2010. The 2nd Loan is expected to be paid off from the borrower’s tax refund obtained through the federal tax credit.

Borrower qualifications:

1) Must be a first-time homebuyer

2) Must have a FICO

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The Ada County real estate market had a slight increase in home sales compared to last month.  February had a total of 265 real estate sales while January had 232.  Existing home sales were down 15.5% from a year ago.  The new construction market had a much larger drop with a 48.39% decline.

The graph below shows the number of existing and new construction home sales since January 2008.

ada county real estate solds

The Ada County real estate absorption rate is graphed below.  For existing homes in February there was 13.9 months of supply and 17.3 months for new homes.

ada county real estate absorption-rate

Ada County real estate sales in March are picking up steam.  The first half of March has recorded 170 home sales versus 138 during the first half of last month.

The Ada County real estate market

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The Boise real estate market had 153 homes sales in February '09, down from 175 in January.  Roughly 40% homes sales were distressed properties - approximately 17 short sales and 44 bank foreclosures.

A year ago, the Boise real estate market  had 216 home sales, two years ago 310, and 359 three years ago (2/06).  Currently there's 2042 homes for sale in Boise.  At the February sales rate, that would be 13.3 months of supply.

The average sold price in Boise was $193,912 and the median $172,000.   Most of the real estate sales in Boise are occurring in area 0550 and 0650.  The areas with the least amount of supply are 0300, 0400, and 0500.

Boise Real Estate 2/09 Sold # For Sale Months Supply
North Boise - 0100 17 261
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The Idaho Housing and Finance Association (IHFA) will be spending $17,640,000 to purchase foreclosures throughout Idaho.  The plan comes as a result of the Housing and Economic Recovery Act of 2008.  The largest shares of the budget will be focused on foreclosures in Ada and Canyon County.

Why is IFHA purchasing Idaho foreclosures? The program will focus on buying foreclosures in zip codes that have been hit the hardest by the housing downturn.  IHFA will purchase the homes for at least 15% below current market value, make repairs, and sell them at cost to low and and moderate income buyers.

How did they determine what areas to purchase foreclosures? IHFA used a federal database to determine the Idaho zip codes hardest-hit by foreclosures, sub-prime

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