May 2010

There are 5 blog entries for May 2010.

The Meridian ID real estate market had 163 single family home sales in April. This is up about 25% over last year. As you can see in the graph below, 2010 real estate sales have been substantially stronger than 2009 (largely spurred by tax credit).

Of the 163 Meridian ID real estate sales, 35 were new construction and 128 existing homes sales.  The new home sales are level with April last year while existing home sales were up 31%.  The majority of new home sales were in CBH neighborhoods like Ventana and Silverleaf while other builders had success in Paramount & Tuscany Messina Meadows.

Meridian short sales & Meridian bank-owned properties accounted for fewer overall sales in April while non-foreclosure market share grew.  As you can see below,

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The 2010 Ada County assessments were mailed out yesterday.  You can also look up assessed value information online.  The Assessed Value is supposed to reflect market value as of January 1 of each year.  According to the Assessor website, values dropped in Ada County anywhere from 2% to 20% last year.  Generally speaking, the more established areas had a smaller decrease.  The median assessed value was 14.29% lower at $159,800.

If you disagree with your assessment you should call the phone number listed on your assessment notice.  If the appraiser doesn't agree with your argument for a lower value you can appeal the assessment with the Ada County Board of Equalization.  The deadline to file the appeal is June 28, 2010.

Information deemed reliable but

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There were 46 home sales in the Eagle Idaho real estate market last month. This is up 46% compared to the same time last year.  Below you can see how the first four months of this year have compared to the previous two years.

Fifty four percent of the Eagle Idaho real estate sales were Eagle short sales or Eagle bank-owned property.  Below you can see the market share of foreclosure over the last 13 months.  As you can see, the percentage has generally fluctuated between about 35% and 60% with a high of 76% in January. The 13 month average was 51.6%.

Search the MLS for Eagle Idaho real estate.

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There were 348 sales in the Boise ID real estate market during April.  This is a 13% increase over last month and a 41% increase over last year.  With 348 home sales this is the largest number of real estate sales for Boise ID since 2007.  Below you can see monthly sales for Boise ID since January 2008.

Forty of the 348 home sales were new construction.  One Boise neighborhood in particular grabbed quite a large market share (33%) called Rivendell Estates near Cloverdale & Franklin.  This development was recently taken back by the lender through foreclosure who then partnered with a local builder to come up with a very competitively priced product.  Tying for 2nd in market share was Sonata Hills in South Boise & Hidden Springs in NW Boise (each

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Traditionally, for a lender to consider a short sale, the seller has had to first secure an offer before finding out what the lien holder(s) would approve for a sales price. This way of handling short sales has been extremely inefficient as buyer & sellers have often had to wait 2-6 months for an approval causing many transactions to fail.

In an effort to address this problem the government has launched the Home Affordable Foreclosure Alternatives Program (HAFA).  This program is designed to allow eligible homeowners (the borrower) to work with their lender (the servicer) to determine the required net proceeds prior to putting their house on the market.  It will take some time to see if this program is successfully implemented but if it is it could

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