Real Estate Information

A recent article in the Idaho Business Review noted that according to credit union executives and NCUA data, the most recent edition of the Credit Union times stated that credit unions generally appear to foreclose on a lower percentage of their home mortgage loans than other financial institutions and that they usually take more time to go through the foreclosure process.

In the Credit Union Times article, RealtyTrac, a firm that promotes itself as "the leading online marketplace of foreclosure properties," reported that foreclosures nationwide jumped 7% in July 2009 over the previous month, June 2009, and were 32% higher than what they had been in July 2008.  The hardest-hit states for residential foreclosures were Nevada, California, Florida and Arizona, which has been the case for months.  However, Oregon, Utah, Colorado, Idaho, George, and Illinois have also been in the upper rankings of high foreclosure rates for RealtyTrac.

According to Jack Gaffney, executive vice-president for lending for the large Navy Federal Credit Union, "No doubt our foreclosures have been lower than the nation overall, but generally higher than we are used to."  He attributes the fact credit unions have a smaller share of foreclosures to the fact that they did not make the same sort of risky, unconventional loans that got so many homeowners and other lending institutions into hot water.

"Lenders are slower to foreclose when housing prices are in the dumps," Gaffney went on to say, "and they calculate they will have to hold the properties for longer.  If a market starts to rise, they might foreclose faster in order to move the foreclosed property back into a more profitable situation more quickly." 

According to the Environmental Protection Agency, electronics, adaptors and appliances cost Americans almost $10 billion a year and account for almost 11 percent of all U.S. energy use.  These "energy vampires" suck power even when not in use or they are turned off.

Ten billion dollars sounds kind of abstract, doesn't it?  According to EnergyStar, U.S. households spend $100 a year to power devices in a standby power mode.

EnergyStar estimates that there are more than 1.5 billion power adapters in use across the country - about five per person. That makes sense.  In our home, we have 2 cell phones, a BlueTooth wireless ear piece, 2 electronic lockbox keys, a digital camera, 2 laptops, etc.  We easily cover the five adapters per person.

While $10 billion is a lot of money, it's money that can be very easily saved.  Just unplug your chargers whenever they aren't in use.  For more energy saving tips, go to www.begreenminded.com .

In a recent article from the Ada County Association of Realtors, the sales numbers for the Boise area real estate market were very promising.  This is what they said: 

"Ada County Association of Realtors had their collective fingers crossed going into this July.  Would the trend of month-over-month sales continue?  Would the small increase in median price hold? Would the huge number of pendings (a bunch of which were short sales or REO's) actually close?

They found that the answer is "Yes" with just a couple of exceptions.

Sales are down 8% from last month, but up 5% from this same month last year. Between 2005 and 2009, the average change from June to July was a decrease of 11%.  You could say from that: 'July sales outperformed the average July.'  This is 2 months in a row with an increase over last year's same month.  This reverses 35 months of sales decreases, which is huge.

At the same time, pending sales are continuing to go up.  Last month, there were 38% more Pendings than the same month last year - now there are 51% more Pendings.  Nearly all is on the Resale side, not new construction, but new construction is now about even with last year.

Short Sales are down slightly to 14% of the total sales, but up 1.4% from June (2685 short sale listings).  REO (bank owned) sales are up 19%; down from the record high of 34% in February 2009.  That makes 33% of the sales "distressed" this month. This is a reduction of 11% from our high of 48% "distressed" sales in February."

ACAR recognized Jere Webb for his research and insight for this article.

Imagine my surprise this morning, after reading news article after news article, and after hearing the dismal reports on the radio to find myself searching for housing for a potential client and I found 350 choices.

My search was for single family homes, in Boise, Eagle and Meridian, Idaho with at least three-bedrooms and at least two-baths with the constraint that they had to be priced between $100,000 and $200,000. 

Buyers who can't find homes to purchase with interest rates as low as they are are simply not looking hard enough, or do not have a Realtor who is working hard enough.

I used some additional constraints, like at least 1,200 square feet and with at least a 2-car garage included as well as eliminating those homes that were just an idea in someone's mind (To be built) or those that were still under construction and when I narrowed it, it still left 321 homes to choose from.

The least expensive home was $159,900 and has 1,690 square feet and four bedrooms and two baths and a 2-car garage.  It is located in Meridian.

If you would like to know what you can afford, call Jane Hopkins at Idaho Independent Bank at 208-947-1127 or 208-867-2695 or e-mail her at Jane.Hopkins@iibk.net.  She has access to special grant fund programs that will allow you in some cases to afford more house or to have money for down payment and closing costs.

To find out what housing is available in your price range, send us an e-mail at Info@TimBurroughsGroup.com with your name, address, and telephone number and a brief description of what you would like to own and we will reply by e-mail with your choices.

Have a blessed Friday the 13th of July.

A new year often brings change!  This year, 2007, has suddenly brought buyers back into the market.  Many are fully qualified and are looking for a good value.  Many still have homes to sell or homes that are under contract and are waiting for them to close, but they are going to be buyers at some point this year.

We have had several buyers who have come to visit the area to determine what they can afford, have checked out the employment picture (one of the lowest unemployment records in the country) and like the area so now they are going back to Maryland or California or Iowa to sell their home and come and buy in the land of opportunities.

Idaho, especially near Boise, is the place to be.  Mentioned in Forbes as the #1 place to have a business or own a business in the entire United States last year.  We have been in the top 10 places for the last five years.

Boise State University with the 2007 Fiesta Bowl Champion "Broncos" leading people back to the land of great college football and remarkably the best college football game in history.

Having a place where people want to live, a great city with a vibrant downtown, affordable housing, why wouldn't someone move here?

I checked on-line today and found over 200 single family homes in either Boise or Meridian, Idaho that were priced at $200,000 or less (some as low as $142,900) that were at least three-bedrooms, two-baths, at least 1,200 square feet or larger and have at least a two-car garage.

For more information, please visit http://www.BoiseMetroHomeSearch.com

Homes are selling in the Boise Metro area of Idaho

1. Certain price ranges are full of homes and have few buyers so they are not moving.  As an example, those homes that are priced at $800,000 or above, have four years of inventory based on current demand.  The other issue in that price range and above is that if a lot were available where the buyer wanted to live they could have a home built that would meet their expectations for a similar price only it would be their home designed and built to their satisfaction.

2. Other price ranges have homes being sold within them, but they are typically ones where the seller has agreed with their Realtor and has priced the home to sell and has made it in near new condition.

3. Homes are available in the less than $200,000 price range in a variety of areas in Boise, Meridian, Star, Nampa and Kuna.  consult with a real estate professional for more information.

As a former real estate appraiser and a Realtor with almost twelve years experience and over 750 clients served, I have observed the market and will make these comments:

1. If a seller is realistic with their price, buyers wil view and purchase the house.

2. If a seller will take the time needed before placing a home on the market to "stage" the home for the marketing phase of living in a home and follow the direction of their agent, they will have more likelihood of selling.

3. If the seller will make repairs to the house and get the furnace serviced and retain the receipt, they can save time and frustration when the home inspection is done by their buyer.

Tim Burroughs