Posted by Jace Stolfo on Wednesday, October 14th, 2009 at 12:34pm.
Boise Idaho foreclosures currently account for 29% of all the available homes for sale in Boise Idaho. Boise short sales make up 25% while Boise bank-owned homes make up 4%. Compared to 6 months ago, the market share of Boise foreclosure has increased from 23%.
The 6% increase in Boise Idaho foreclosures can all be attributed to an increased number of short sales. What's important to know about this, is that while the number of short sales has increased, so has the number offers on them. Currently, 35% of all the available short sales are on "contingent" status. This means they have at least one offer that's been submitted to the lender but the homeowner & listing agent are still encouraging back up offers. The reason for this is that the short sale process takes several months (or more) and often the first buyer will grow impatient, withdraw their offer, and move on.
It's unfortunate the lenders don't have a more efficient system to handle these short sales. If they did, and could give an approval in a reasonable amount of time, many of these would already be closed and be off the market. Unfortunately, as these homes linger, buyers come and go, they continue to be a drag on the real estate market.
As can seen below, the highest percentage of Boise Idaho foreclosures can be found in South Boise with 48% market share. This is up from 25% 6 months ago (almost all because of short sales). The areas with the least number of Boise foreclosures is in North and North East Boise.
Data Source: Boise MLS (IMLS). Information not guaranteed.