Tagged : bank-owned real estate

There are currently 11 blog entries matching this tag.

Boise Idaho foreclosures have hit the lowest rate since March 2009, when the Intermountain MLS first began keeping track of foreclosure sales. In fact, the market share of these Boise ID foreclosures, otherwise known as bank-owned homes (REO)*, have been steadily declining since the beginning of the year. In January 2012, the foreclosure market share was 35%, the same as January 2011. That, however, is where the similarity ends.

Boise Idaho Foreclosures | Year Over Year Comparison

As can be seen above, February 2012 recorded a market share of 25%, compared to 35.2% in February 2011. This trend continues through the remainder of the first half of the year. In June 2012, 45 out of 406 total sales were bank-owned or HUD properties, representing an 11.1% market share. In June 2011, there were 119

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I thought it would be interesting to take a look at the homes currently for sale in Ada County and see what kind of percentages the foreclosures make up.

There's 3551 homes for sale in Ada County (Boise, Meridian, Eagle, Kuna, Star).  1029 are short sales (29%) and 348 are bank-owned (10%).

Of that 29% that make up the short sales in Ada County, 31% are "contingent".  That means they have at least one offer on the property and are in the several month time-frame for lender approval.

This first graph shows the percentages of homes that are short sales by MLS area.  The areas with the lowest percentages of short sales are Garden City, NE Boise, N Boise, and SE Boise.  The highest areas are Star, Kuna, and SW Meridian.

Percentage of Homes for Sale that are Short Sales

For bank-owned (REOs)

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The Boise real estate market, as did the rest of Ada County, had a very strong month in May.  There were 339 homes sales, down slightly from April's 348, but up 28% compared to the same time last year.

The majority of the Boise homes selling are in the lower price ranges.  45% of the Boise real estate sales were between $100,000 and $150,000 while only 2% of the sales were homes over $400,000. The median home price in Boise was up slightly from last month to $148,000.

The market share of Boise foreclosure sales dropped to 34.2% compared to 44.8% last month.  Below you can see monthly sales for Boise bank-owned property & Boise short sales over the last 3 months.

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The total number of home sales in the Meridian ID Real Estate market dropped from August, but still posted a solid September, with 145 total homes sold.

Meridian total home sales

NW Meridian, typically the top selling area in the Meridian ID Real Estate market, saw sales the biggest difference in September, but still led the way with 68 home sales.

Meridian sales by area

The Meridian ID real estate market had a 38.6% foreclosure rate in the month of September, which is down from August but higher than June and July.  The Meridian foreclosure market is made up of Meridian short sales and Meridian bank owned homes.

Meridian foreclosures

Data source: Boise MLS (IMLS).  Information deemed reliable but not guaranteed.

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Have you wondered what areas in Ada County have the highest percentage of distressed sales?  I compiled the real estate statistics below to give some insight into that question.  Ada County is made up of Boise, Meridian, Eagle, Kuna, and Star Idaho.  I broke these cites down into the various Boise MLS zones.

Search Boise short sales, Meridian short sales, and Eagle short sales on my website.  You also request a list of bank-owned real estatein the Boise real estate market.

Ada County Real Estate Total # Sale Short Sales Bank-Owned % Distressed
North Boise - 0100 269 35 3 14%
NE Boise - 0200 90 9 2 12%
SE Boise - 0300 251 43 13 22%
Boise Bench - 0400 207 34 4
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Have you wondered how the current Boise real estate market compares to when it was at it's peak?  To go to the month with the most home sales, we go back to August of 2005 when there were 1342 home sales in Ada County (August '08 had 472).  The days when all you had to do was stick a sign in the yard and you had multiple offers within days!

After a booming 2005 and most of 2006, the Boise real estate market began to loose some steam and inventory began increasing.  In May 2006, there was only a 2.8 month of supply of homes in Ada County.  Just four months later, the supply more than doubled to 5.9 months (which is actually a balanced market).  But development, spec homes, and optimism carried forward.

While demand can shift rapidly, supply takes

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Have you wondered how much you can negotiate off Boise bank foreclosures (REO's)? Well, the truth is it depends.  The major factors are location, price range, day's on market, terms and conditions of the offer, and the bank.  As you will see, there's a range of how much the banks will negotiate and not all situtations are the same.  If you're looking at a specific REO and would like to know my opinion I would be happy to talk with you.

For this blog, I complied the Boise bank-foreclosure sales from October 1, 2008 through November 30, 2008.

The most negotiated off the asking price was 22% while several sold for over the asking price.   The average percentage was 4% and the median 3%.  Please keep in mind, that most of these sales also had the bank

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When it comes to buying foreclosures in the Boise Idaho area, there's really three main stages or opportunities to do so: pre-foreclosures, foreclosure auctions, or bank foreclosures (bank-owned).

idaho-foreclosure-timeline

1) Idaho Pre-Foreclosures. A home that's for sale before it actually goes to the foreclosure auction is known as a pre-foreclosure.  Most short sales are pre-foreclosures- they have usually missed payments and are trying to get it sold before the auction to mitigate the damage done to their credit.  Please understand, a home is a short sale when it is being offered for sale for less than what is owed and asking the lender to take the loss.  It's called a "short sale" because the sale price does not cover the loan amount, not because it's being purchased

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Please let me first clarify by saying that I specialize helping buyer's with short sale and bank-owned real estate.  However, I've found that if we can locate you the right bank-owned home, it's generally the best route to pursue.  Here's five reasons why:

1. You can buy it at the advertised price (unless bid up). Many people don't realize the asking price on short sales has not been approved by the lender and may or may not be realistic.  I've seen listing agents cutting prices well below what the lender's accept just to get an offer on the table so they can get the ball rolling with the loss mitigation department.   This results in frustrated buyer's when the lender comes back with an approved price over the asking price.  It still may be a good

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Want to see the cheapest single family home in Ada County price per square foot? As of 10/29/08, here it is...

A Bank-Owned Home in Boise priced at $54.20/PSF

  • 5718 Square Feet
  • 4 Bd/3.5 Ba
  • $309,900
  • 4.05 acres (1272' x 165')
  • Built 2003 (kind of)

For the right person, this might be a great property.  Although the 4 acres is very narrow (165' x 1272'), most of it does appear usable for horses.  I did not check into zoning,  but it looks like the previous owners used it for that.

While it was built in 2003, the quality seems questionable.  It looks like the homeowner(s) built it themselves and perhaps were not skilled in all areas of construction.  I would recommend having a thorough home inspection done.  The challenges to this

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