Real Estate News

There are currently 43 blog entries related to this category.

According to Freddie Mac's Primary Mortgage Market Survey (PMMS), long term interest rates fell to a new low for the week ending 12/31/08.  The 30-year-fixed rate averaged just 5.10% with .7 points.  The lowest interest rates since the PMMS started in 1971.  Just in the last week, refinance applications jumped over 500%.

A rule of thumb to remember, when it comes to your monthly payment, a 1% change in interest rates is equal to a 10% change in home value.  In other words, If a $200,000 house goes down to $180,000 but interest rates go up 1%, you payment is essentially the same.

31-Dec-08  30-yr    15-yr    5/1-yr ARM   
Average Rates:  5.10% 4.83% 5.57%
Fees & Points:  0.7 0.7 0.7

Source:

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Countrywide is instituting a national program to help some 400,000 customers nationwide.  The program is designed to help certain sub-prime and adjustable rate borrowers avoid foreclosure.  About $700,000 will be directed to Idaho.

The program came out after some states, not including Idaho, sued the company.  Under a settlement agreement, Countrywide will:

  • Waive approximately $243,000 in prepayment penalties.
  • Suspend foreclosures pending a determination of the borrower's ability to afford the loan modification.
  • Reduce interest payments and principal balances.
  • Provide approximately $179,000 in relocation assistance payments to certain other borrowers to help meet the cost of transitioning out of home ownership.
  • Waive about $275,000 in
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According Freddie Mac, the 30-year fixed-rate fell to at least a 37 year low this week!  For the week ending December 18, 2008, the rate averaged 5.19 percentcompared last week when it averaged 5.47 percent.

18-Dec-08 30-yr 15-yr 5/1-yr ARM 1-yr ARM
Average Rates: 5.19% 4.92% 5.60% 4.94%
Fees & Points: 0.7 0.7 60.0% 0.5
These are the best rates and the best deals we've seen in years.  If you're thinking about buying a home there are some great opportunities in the Boise real estate market and surrounding areas of Ada & Canyon County.
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Interest rates are incredible right now!  This week marked the 6th consecutive week of decline.  There's been a surge of refinances as people seek the security of low fixed rates.  Please contact your lender with questions or you can find lender's I recommend here.

If you're thinking about purchasing, especially if you are looking at short sale and bank-owned real estate, make sure you get pre-qualified asap.  When we make an offer on one of these properties, a pre-qualification letter has to be included with the offer.  If you see the perfect deal, you want to be ready.

Mortgage Rates 30 Yr Fixed 15 Yr Fixed
Conventional* 5.125% 5.000%
Jumbo* 5.875% 5.875%
FHA/VA 5.500%  
IHFA 5.000%
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This week saw the biggest one week decline in interest rates in 27 years!  According to Freddie Mac, the 30-year fixed-rate mortgage averaged 5.53% for the week ending Dec. 3, down from 5.97%.  These are the lowest rates since January and nearly a full point lower than a month ago.

Frank Nothaft, Freddie Mac vice president and chief economist said the recent plunge in rates contributed to a nearly 150% increase in mortgage applications over Thanksgiving week.  Nothaft also said refinances jumped 300%.

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Boise's North End was just recognized as one of the top 10 best neighborhoods in the U.S. by the American Planning Association (APA). The APA annually recognizes places of exceptional "character, quality, and planning." Among the criteria used in determining Americas top places are the: cultural and historical interest, amenities, safety, and community involvement.

The North End became Boise's first suburb in the late 19th century and today is one of the most desirable areas for Boise real estate. It has not always been so, after World War II, the North End had many problems and began to get run down. However, through community involvement and planning it now promotes a very desirable lifestyle with close proximity to downtown, tree-lined streets, Hyde

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The HOPE for Homeowners program will help borrowers refinance mortgages who are having difficulty making their payments but can afford a new fixed rate, FHA insured loan.   The program begins October 1, 2008 and ends September 30, 2011.

The program is voluntary for both the borrower and lender is and designed to lower payments so homeowners can keep their homes.  The banks will write down the existing mortgage to 90% of the new appraised value of the home.  A bank may choose to do this do avoid the costly foreclosure process.  The borrower will have to pay the upfront mortgage insurance premium (3%) and the annual mortgage insurance premium (1.5%).  The borrower will also share equity with FHA that was created at the beginning of this new mortgage and

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The recent housing bill that passed has provisions to help first time home buyers.  If you purchase a home between April 9, 2008 and July 1, 2009 you may qualify for a $7500 federal tax credit or 10% of the purchase price, which ever is less.  Not a deduction but a tax credit.  So even if you only owe $3000 you will receive a $4500 refund.  But before you get too excited, it does have to be repaid over a 15 year period.  So really its an interest free loan.  To qualify for the full tax credit you must earn under $75,000 if you are single or $150,000 married and file jointly.

UPDATE: 2/21/09 READ THIS ABOUT THE 2009 CHANGE

For more information on this housing bill you can read this article by U.S. Department of Housing & Urban Development (HUD).

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North Face, the outdoor gear maker, will be locating a new retail store in Downtown Boise.  The outlet should be open by thanksgiving and will be located in the historic Mode Building at 8th and Idaho.  North Face, with only 21 stores nationally, will be a welcomed addition to Downtown Boise.  The retailer joins other Mode Building tenants: Anthropologie, Chico's, See Jane Run, and Grape Escape.

802 West Idaho Street Boise, ID 83703 (208) 331-9790 Check out the North Face Web Site

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The accolades continue for the great state of Idaho.  CNBC recognized Idaho as the 4th best State in the U.S. for business, moving up from #7 in 2007.  Idaho past Georgia and North Carolina to move in the #4 position while Texas, Utah, and Virginia shuffled the top 3 positions.

The study looked at: cost of doing business (Idaho #5), workforce (#7), economy (#5), education (#48), quality of life (#26), technology and innovation (#27) , transportation (#24), cost of living (#14), business friendliness (#33), access to capital (#34).

Read the CNBC article

Find Boise accolades and Boise Idaho info

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