Tagged : short sales

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Meridian ID bank-owned homes are down significantly compared to 2011.  In fact, December 2012 posted the lowest number this past year for REO and HUD properties with 9.  That's roughly a 72% drop from the year before.  Most months in 2012 had fewer than 20 bank-owned sales.  The chart below shows the dramatic change for sales of bank-owned homes in Meridian since 2011.  Each month in 2012 posted significantly lower numbers than the same month in 2011.

Meridian Bank-Owned & Hud Homes 2011 vs. 2012

Of the 9 Meridian ID bank-owned homes sold in December, none were in the same subdivision.  However, 6 of them were sold in Northwest Meridian.  Of the remaining three, 2 properties were sold in Northeast Meridian and the remaining one was in Southeast Meridian. The prices of those homes ranged from

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New home sales are on the rise in the Boise real estate market.  In fact, according to the chart below, almost every month this year has outperformed the previous two years.  There's only one exception; June 2010 posted 69 new home sales.  The fall of 2012 has seen approximately double the sales from a year ago and in some cases more than triple from 3 years ago.

New Real Estate Sales in Boise Year over Year

One reason that new home sales in Boise may be seeing a big increase is the fact that there are fewer foreclosures in Boise available. In fact, 2012 has also posted some of the lowest foreclosure numbers we've seen in the Boise real estate market in recent years.  The graph below shows the trend for  foreclosure sales in 2012 has been consistently down.  While January was at 59.2%, October

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The Boise foreclosure market share has continued its steady decline through 2012.  In September, foreclosures accounted for just 22%, which is the second lowest we've seen since the market had its downturn.  The only month that was lower was August at 20.5%. Comparing this to a year ago, this is approximately a 50% reduction in the number of foreclosures in Boise, Idaho.

Foreclosure Market Share 2012

When gathering this Boise foreclosure market data, we are looking at bank-owned homes, short sales, and HUD homes.  Most notably bank-owned and HUD homes have dropped 73% since January.  Short sales have declined slightly.  The graph below shows the trend for those sales in 2012.

Boise Foreclosures By Type 2012

While the number of Boise foreclosures have been going down, overall Boise real estate sales

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As of 4/14/11, there's 2413 homes for sale in Ada County.  747 of these are short sales (31.0%) and 211 are Bank-Owned homes (8.7%).

I'd thought see how the percentage of foreclosures on the market correlate with the age of the home.  The real estate boom the Boise area was in '05-'07 with the peak in late '06 & early '07.  I assumed that I would see homes built in this time-frame carry the largest percentage of foreclosures and as you can see below, it does.

Nearly 50% of the homes built in '05-'07, that are currently for sale, are short sales.  While homes built 1920-1939 have the fewest with 18.5% (with the exception of new construction at 0.2%).

Short Sales by Age

For bank-owned properties, the fluctuation is much less, but those '05-'07 homes still carry

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There were 487 real estate sales last month in Ada County (Boise, Meridian, Eagle, Kuna, Star). 47% were either short sale or bank-owned homes (81 short sales & 148 bank-owned).

As you can see below, the foreclosure market is not evenly distributed across Ada County. NE Boise had the smallest number of foreclosure sales that only accounted for 17% of its market activity while the largest influence was 71% in SW Meridian (see which areas had the most home sales last month.)

Foreclosure Market Share in September '10

Browse through the Boise short sales, Meridian short sales, or Eagle ID short sales.  Or, get a list of bank-owned properties and receive email updates on new foreclosures that hit the market.

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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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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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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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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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