June 2010

There are 4 blog entries for June 2010.

River Heights at Barber Valley is a new development located in NE Boise.  Developed by Brighton Corporation, one of Idaho's largest real estate developers, River Heights offers many unique amenities:  

- Access to the Boise foothills by the nearby Ridge to Rivers trail system (some home-sites back to the foothills. Availability subject to change).

- Idaho Shakespeare Festival is just across the street and is a popular summer attraction.

- The new East Jr. High & Riverstone International School are next to the development.

- Less than 10 minutes to Lucky Peak Reservoir for boating, wake-boarding, and jet-skiing.

- The Boise River is nearby and so is Barber park (the popular starting point to float the Boise river in the summer).

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In case you hadn't heard, interest rates are at a record low today.  A conventional 30 year fixed-rate is as low 4.375% (1)!

Perhaps you recently heard from your Realtor, lender, or the national news that interest rates were going to rise.  Around March it seemed to be one of the top headlines in the real estate industry and it has turned out to be another classic example of why I DON'T put much stock in economic predictions.

Here's just a few I had read:

"Rates are going to be higher than they are now," Jay Brinkmann, chief economist for the Mortgage Bankers Association told CNNMoney.com.

“Mortgage rates are unlikely to go lower than they are now..." Christopher J. Mayer, a professor of finance and economics at Columbia Business School (NY

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The Boise real estate market, as did the rest of Ada County, had a very strong month in May.  There were 339 homes sales, down slightly from April's 348, but up 28% compared to the same time last year.

The majority of the Boise homes selling are in the lower price ranges.  45% of the Boise real estate sales were between $100,000 and $150,000 while only 2% of the sales were homes over $400,000. The median home price in Boise was up slightly from last month to $148,000.

The market share of Boise foreclosure sales dropped to 34.2% compared to 44.8% last month.  Below you can see monthly sales for Boise bank-owned property & Boise short sales over the last 3 months.

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There's a new program by the Idaho Housing & Finance Association (IHFA) through its IdaMortgage loan program.  The Affordable Advantage Loan is designed for first-time home-buyers and has the following key features:

- First-time home-buyer

- No private mortgage insurance required

- Owner occupied

- Check the income limits chart for qualifications

- No sales price limits

- Minimum borrower contribution $1000

- Borrower must complete Home-Buyer's Education class

- Up to 100% Loan to Value for home-buyers with credit scores of 680 or higher

- Up to 97% Loan to Value for home-buyers with credit scores of 660 or higher You can contact a local IHFA Lender here to determine your eligibility.

The  above information is not guaranteed

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