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by Jace Stolfo
on Wednesday, January 30th, 2013 at 8:01am.
Boise bank-owned homes dropped dramatically in 2012 when compared to 2011. December 2012, for instance, saw just 15 REO sales. The year before there were 66 in December. In all, there were 1,109 bank-owned homes sold in 2011. That's approximately 54% more than in 2012, when there were just 513. When referring to data about bank-owned homes in Boise, HUD properties are included.
In 2011 REO sales outnumbered short sales. But, because fewer Boise bank-owned homes are available, short sales were the more dominant type of distressed sale in 2012. When looking at the total distressed market in Boise (short sales, bank-owned homes, HUD homes), Boise foreclosures have dropped considerably from 2011, nearly 31% in fact. In 2012, there were 1,189 foreclosure sales. There were 1,714 in 2011. At its lowest month, the foreclosure market share in 2011 was 40.6%. That's 50% higher than the best month in 2012.
Most of the Boise bank-owned homes in 2012 were sold in the Southwest part of town, including some parts of Meridian. There were 80 REO sales in SW Boise with a median price of $130,500. This region posted the highest median price for Boise bank-owned homes in 2012. There were 75 REO sales in West Boise/Garden City with a median price of $121,000. North Boise, which includes many desirable Boise neighborhoods, posted a median price of $128,650 for REO sales.* *Median price data does not include HUD homes.