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by Jace Stolfo
on Thursday, April 15th, 2010 at 8:47pm.
Boise real estate sales surged in March by 43% compared to February with 311 single family homes sold. This is a 36% increase over last year an 11% increase two years ago.
The median home price in Boise has continued a downward trend (only a reflection of pressure on prices) and in March was $155,000. The graph below shows the median sale price for the Boise real estate market over the last year.
Boise real estate foreclosures remain the largest negative factor for values. Last month 43% of the property sales were distressed sales. Here's the foreclosure market share over the last 4 months.
The deadline for the home-buyer tax credit is scheduled to expire April 30, 2010 (unless you have valid contract closing by June 30, 2010). It will be interesting to see to what degree this will effect home sales.
The other major headline you may have seen over the last few weeks is a prediction of rising interest rates as the result of the Fed's ending program of purchasing mortgage backed securities (MBS). This effort by the Federal Reserve has kept mortgage rates at historic lows by purchasing $1.25 trillion in MBS's over the last 15 months. Rates had risen over the last few weeks until this week when they dropped substantially due to investors entering the market (Bankrate.com).
Some potentially positive news is the new HAFA program that may allow qualified homeowners to find out what their lender would approve for a short sale prior to recipient an offer. Up to this point, short sales have generally taken anywhere from 2-4 months (and longer depending on the lenders) from the time the buyer makes an offer. If this program is successful and lenders cooperate this could have a very positive effect on both the national and Boise real estate market. I'm not overly optimistic on the effectiveness any government program but am hopeful this will at least have some success.
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