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by Jace Stolfo
on Wednesday, January 20th, 2010 at 9:50am.
Generally speaking, the areas further away from downtown Boise have been most affected in this real estate market. Areas like Star, S. Boise, and Kuna have had some of the largest problems with Foreclosures. The graph below shows the market share of foreclosures for December sales across Ada County. As you can see, the Star Idaho real estate ranked the highest with 72% of sales being foreclosures.
December fared better for Star Idaho than some months earlier in the year. In March, foreclosures accounted for 86% of sales.
(Note: It should be pointed out that in smaller markets such as Star, ID that sees only 10-20 home sales a month lends itself to a greater swing in percentages & ratios.)
Last month, the Star Idaho real estate market actually had the lowest absorption rate in Ada County. The absorption rate is calculated by dividing inventory by monthly sales.
The problem for Star is the impact of foreclosures. When 70% of the homes are foreclosure sales, that creates a real drag on values as the non-foreclosure homes are forced to compete with those prices. The foreclosure market share is made up of short sales and bank-owned homes. The graph below shows Star ID real estate sales by: “Total Sales”, “Short Sales”, and “Bank-Owned (REO)” over 2009.
Data Source: Boise MLS (IMLS). Information not guaranteed.