November 2012

There are 4 blog entries for November 2012.

Foreclosures have dropped once again in the Eagle Idaho real estate market.  October 2012 posted the second lowest numbers we've seen all year at 9.6%.  As you can see in the graph below, the numbers for foreclosures in Eagle are varied this year, anywhere from 8.8% to 46.4%.  However, they have consistently stayed under 20% since April and they've steered clear of last year's numbers.  The only month this year where Eagle Idaho real estate saw lower foreclosure numbers than October was July (8.8%).

Eagle Foreclosure Rate 2011 vs. 2012

Short sales are the predominant type of foreclosure sale in Eagle.  So far this year, there have been 50 short sales in Eagle ID compared to 23 bank-owned homes.  Banbury Meadows and Brookwood subdivisions have had the highest number of short sales thus

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HUD Homes are homes owned by the U.S. Government.  "HUD"stands for the U.S. Department of Housing & Urban Development.

How Do Homes Become Owned By HUD?

When a person buys a home using an FHA loan (Federal Housing Administration), FHA guarantees the loan against default for the lender (e.g. BofA, Wells Fargo, etc.).  If the homeowner defaults on the FHA backed loan and goes through foreclosure, FHA pays off the lender and HUD is given title to the property.


Who Can Buy HUD Homes?

Both owner-occupants and investors can purchase HUD Homes (as well as governmental agencies & non-profits).  Typically, HUD will review owner-occupant offers after a period of 10 days on the open market.  Investors offers are typically not considered for the first 30…
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New home sales are on the rise in the Boise real estate market.  In fact, according to the chart below, almost every month this year has outperformed the previous two years.  There's only one exception; June 2010 posted 69 new home sales.  The fall of 2012 has seen approximately double the sales from a year ago and in some cases more than triple from 3 years ago.

New Real Estate Sales in Boise Year over Year

One reason that new home sales in Boise may be seeing a big increase is the fact that there are fewer foreclosures in Boise available. In fact, 2012 has also posted some of the lowest foreclosure numbers we've seen in the Boise real estate market in recent years.  The graph below shows the trend for  foreclosure sales in 2012 has been consistently down.  While January was at 59.2%, October

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Median home prices continue to rise in the Meridian real estate market.  The median price in October was $185,910, almost $27,000 more than the same time last year.  In fact, nearly every month this year has outperformed the last couple of years, showing a strong trend for real estate in Meridian ID.

Meridian Median Home Prices 2010-2012

The Meridian real estate market is also showing a growing trend in the number of non-foreclosures vs. foreclosures being sold.  For example, of the 167 home sales in October, 133 were non-foreclosures.  That's nearly 80% being non-foreclosures.  As you can see in the graph below, that trend holds true for every month this year, except for January where the numbers were the same.

Meridian Non-Foreclosures 2011 vs. 2012

Now, we'll take a look at the foreclosure market share for Meridian

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