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by Jace Stolfo
on Sunday, September 21st, 2008 at 12:52am.
You may or may not be surprised to hear that 10% of the homes for sale in Ada County are being offered as short sales. As of today, there were 4487 single family homes for sale and 469 were listed as a "Possible Short Sale." While 10% is a large number, short sales are only accounting for 4% of home sales (within the Boise MLS). In August, there were 472 sold homes in Ada County and only 19 of those were short sales.
The reason most of these homes never reach closing is because it's very hard to get a response, and approval from the lender. Right now 89 short sales are "sale pending" waiting for that very thing. It generally takes 3 to 6 months to get a short sale to closing. Many deals fall apart during this process due to no response from the lender or the lender coming back and requiring more money than the buyer is willing to pay.
The two tables below show what price range these short sales are offered in and what percentage they represent in the various cities in Ada County. As you can see Star, ID has the highest percentage with 17.6%.
If you would like a list of available short sales, please fill out this property request.
Data Source: Intermountain MLS. The accuracy of this information, while deemed reliable, has not been verified and is not guaranteed. This information contained in this post is for general market analysis. No representations or warranties are made as to the past or future appreciation or depreciation of property values.