Tagged : Real Estate News

There are currently 23 blog entries matching this tag.

The Boise real estate market (Boise-Metro) is the most improving housing market in the United States according to a September 2012 market report by Core Logic.

Core Logic's monthly Real Estate Strength Index (RESi) utilizes house price appreciation, total sales pace, distressed sales and new home sales, and overall balance of supply & demand to determine the most improving markets.

For anyone closely watching the Boise real estate market, this will come as no big surprise.  We've seen substantial house appreciation in 2012, a major decline in foreclosure and short sale properties and a shift in people's confidence about the market.

I hear more buyer's saying they want to buy now as they believe it will cost them more if they wait.  It's a

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According to the Builder Sentiment Index recently released by the National Association of Home Builders/Wells Fargo, it appears that homebuilder, as well as consumer, confidence in the housing market is increasing and is now at a five-year high. This index, compiled from the responses of 478 builders, showed that, nationwide, home builders have seen higher new construction sales this year, possibly buoyed by falling mortgage rates and an otherwise decreasing market inventory. In June, the NAHB reported that the number of building permits for single family homes are at their highest levels since March 2010, and there were more housing starts in June than in almost 4 years.

Consumer confidence appears to be trending upward in the Boise Idaho real estate

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In case you hadn't heard, interest rates are at a record low today.  A conventional 30 year fixed-rate is as low 4.375% (1)!

Perhaps you recently heard from your Realtor, lender, or the national news that interest rates were going to rise.  Around March it seemed to be one of the top headlines in the real estate industry and it has turned out to be another classic example of why I DON'T put much stock in economic predictions.

Here's just a few I had read:

"Rates are going to be higher than they are now," Jay Brinkmann, chief economist for the Mortgage Bankers Association told CNNMoney.com.

“Mortgage rates are unlikely to go lower than they are now..." Christopher J. Mayer, a professor of finance and economics at Columbia Business School (NY

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Traditionally, for a lender to consider a short sale, the seller has had to first secure an offer before finding out what the lien holder(s) would approve for a sales price. This way of handling short sales has been extremely inefficient as buyer & sellers have often had to wait 2-6 months for an approval causing many transactions to fail.

In an effort to address this problem the government has launched the Home Affordable Foreclosure Alternatives Program (HAFA).  This program is designed to allow eligible homeowners (the borrower) to work with their lender (the servicer) to determine the required net proceeds prior to putting their house on the market.  It will take some time to see if this program is successfully implemented but if it is it could

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Here's the top frequently asked questions regarding the first-time home buyer tax credit:

When is the deadline?

The first-time home buyer tax credit is currently set to expire on April 30, 2010.  However, you may still be eligible for sales closing by June 30, 2010 provided there's a binding sales contract in force on or before April 30, 2010.

Who's eligible for the $8,000 tax credit?

First-time home buyer's purchasing a new or existing home between January 1, 2009 and on or before April 30, 2010. The IRS defines “first-time home buyer” as a buyer who has not owned a principal residence during the three-year period prior to the purchase.

Who's eligible for the $6500 tax credit?

A person who has owned and resided in the same home for at

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M3 Eagle, a proposed 6005 acre master planned community in the foothills north of Eagle, was granted limited water rights by the Idaho Deptartment of Water Resources in a decision on 12/21/09.

M3 had requested it be allowed to tap 15 million gallons of water per day from the aquifer below the foothills but was instead granted 2.6 million gallons of water per day.

M3 Eagle is generally located in the foothills north Beacon Light Rd, between Hwy 16 & Willow Creek Rd.  According to the M3 Eagle website, the master plan for the community envisions 7153 homes, 245 acres of mixed use/commercial space, and up to 2402 acres preserved as open space. Another 880 acres would become part of the planned 2715 acre City of Eagle Regional Park. The M3 Eagle

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For the week ending 12/3/09, the average interest rate for 30-year mortgages fell to the lowest level since Freddie Mac began compiling its weekly survey in 1971.   The Primary Mortgage Market Survey (PMMS) recorded the 30-year fixed rate at 4.71 percent.  Rates for the 15-year fixed rate mortgage fell to 4.27 percent, down from 4.29 percent last week.

The graph below charts the PMMS weekly survey year-to-date.

Interest Rates

If you're thinking of buying a home and you'll be getting financing, the first thing you want to do is get pre-approved.  A few great lenders that I've worked with can be found on the "helpful links" page of my website.

Search the Boise MLS for homes for sale, land, and more.

Information deemed reliable but not guaranteed.

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The 2009 Ada County real estate assessments are to be mailed out Friday (5/29/09).  According to the Ada County Assessor, the average median price declined 12% from the previous year as of January 1, 2009 ($187,500 from $212,800).  The largest percentage decrease in median price was Star (20%) and the lowest Garden City (4%).  To see a map of Ada County real estate values (source: Idaho Statesman) please visit the link.

Want to dispute your Ada County real estate assessment?

- First contact your deputy assessor. Be prepared with documentation to support your valuation.

- File an appeal with the Ada County Board of Equalization.  These forms must be filed by the 4th Monday in June (June 22, 2009).

- Visit the Ada County Assessor website for

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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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The American Recovery and Reinvestment Act of 2009 provides a federal tax credit of up to $8,000 for first-time home-buyer's (or those who have not owned a home in three years). The Idaho Housing and Finance Association (IHFA) just came out with a new program to help buyer's utilize the tax credit for down-payments/closing costs.

In conjunction with an IdaMortgage loan, a 2nd loan will be offered to qualified home-buyers in the amount not to exceed 5% of the sales price or $7,000.  The loan will accrue interest at 3.0% with a due date of July 1, 2010. The 2nd Loan is expected to be paid off from the borrower’s tax refund obtained through the federal tax credit.

Borrower qualifications:

1) Must be a first-time homebuyer

2) Must have a FICO

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