Tagged : boise idaho foreclosures

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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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Currently, there's 3682 homes for sale in Ada County.  1016 are listed as possible short sales (28%) and 366 are listed as bank-owned (10%). The vast majority of the foreclosures are in the entry level market (under $150,000+/-) while the luxury home market has the lowest number of foreclosures. For homes under $100,000, 82% are either short sale or bank-owned homes.  To some degree this would be expected, that the cheapest homes on the market are also the foreclosures, but you'll see examining the graph below there's a direct correlation with the price range and number of foreclosures. And as you get into the most expensive category of the market there's the smallest number of foreclosures.  For homes over $400,000, only 11% of the listings are…
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Boise real estate sales were up 25% compared to last month and down 14% compared to a year ago.  The median home price was $168,300 and average $193,790, both up from the previous 4 months.  There were 151 real estate sales in Boise, with the largest market share in SW Boise.

Here you can see the average and median sold price in these Boise real estate areas:

Boise MLS Area # Sold Average $ Median $
North Boise - 0100 15 $253,398 $210,000
NE Boise - 0200 7 $382,143 $335,000
SE Boise - 0300 15 $210,400 $225,000
Boise Bench - 0400 14 $152,374 $138,950
South Boise - 0500 8 $176,238 $153,450
SW Boise-Meridian - 0550 40 $165,153
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The Boise real estate market had another strong month with 321 home sales.  This is 20% more home sales than Oct. 2008 and 13% more than two years ago.  Of course, a major driver of home sales was the scheduled expiration of the tax credit (which has since been extended).  The graph below shows the Boise real estate sales over the last 5 months.

Boise home sales

Boise real estate foreclosures had a declining market share of sold homes. This is especially true of Boise short sales as many buyers opted for homes that had a more predictable closing date. Boise bank-owned homes were down just  slightly from September.

Boise foreclosures 2

When Boise real estate market sales are broken down by MLS area: SW Boise-Meridian led the way in with 75 sales.  This is up substantially from

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Boise Idaho foreclosures currently account for 29% of all the available homes for sale in Boise Idaho.  Boise short sales make up 25% while Boise bank-owned homes make up 4%. Compared to 6 months ago, the market share of Boise foreclosure has increased from 23%.

The 6% increase in Boise Idaho foreclosures can all be attributed to an increased number of short sales. What's important to know about this, is that while the number of short sales has increased, so has the number offers on them. Currently, 35% of all the available short sales are on "contingent" status.  This means they have at least one offer that's been submitted to the lender but the homeowner & listing agent are still encouraging back up offers.  The reason for this is that the short sale

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I'm often asked if Boise bank-owned homes or Boise short salesare better deals? While it can depend, and I've seen it go both ways, most often bank-owned homes are the better deal.

As some evidence for this, I pulled 11 Boise bank-owned homes that have sold since 8/11/09 and researched their marketing history.  All 11 of these Boise REO's attempted to complete a short sale prior to becoming bank-owned. As you'll see below, every home sold for less than what they had been marketed for as a short sale.

Boise Idaho Bank-Owned Sold Reo Price Short Sale Price % Difference
10747 W. Parker Ave. $93,000 $105,000 -11%
3975 S. Rushmore Way $129,900 $149,000 -13%
7487 W. Snohomish $145,000
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The Boise Idaho real estate market had another strong month in July with 309 homes sales.  This is about twice the number of homes that were selling 6 months ago and slightly more than a year ago.  Boise short sales and Boise bank-owned homeshad the 4th consecutive month of decreasing market share (25.6% verses 38.5% in April).  The number of Boise Idaho foreclosure sales has stayed about the same but there's been a large increase in "non-distressed" sales.

Below is a breakdown for the Boise Idaho real estate market by Boise MLS area.  The largest increase was in West Boise were home sales surged from 11 last month to 27 in July.

Boise Idaho Real Estate May-09 Jun-09 Jul-09
North Boise - 0100 29 34 30
NE
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Boise Idaho Foreclosure starts fell by about 10% compared to March (for Ada & Canyon County).  March had recorded 795 notice of defaults and April was down to 712.  The decline in Boise foreclosures breaks a 3-month streak of record setting foreclosure starts.

It should be noted that not all the homes that start the foreclosure process actually go to the auction.  Many are sold before the auction as short sales, loans modified, etc.

Data Source: IdahoDataProviders.  Information not guaranteed.

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