Idaho’s foreclosure inventory lower than most of Nation

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Idaho’s foreclosure inventory lower than most of Nation

Filings of foreclosures the first half of 2012 fell by nearly 11% nationally and over 54% in Idaho. Alternate states which have seen a reduction in foreclosures are:  Nevada (62%), Arizona (26%) and Florida (22%).   This is a great indicator or future stability in our local real estate market.

Mortgage lenders are modifying more loans w/in Idaho and instead of foreclosing on property, many lenders are not starting the foreclosure process due to the Idaho legislation which came into effect on Sept 1 which requires lenders to better inform home owners about their options—including the right to request a modification of their loan along with the right to obtain information on how the foreclosure process is progressing.

Short sales have become more prevalent as the housing market improves.  As you most likely know, a short sale is when the lender agrees to accept a payoff of less than what is owed on the property in order for it to sell.  A short sale is appealing to a lien holder since a short sale will sell more quickly than allowing the home to be foreclosed upon (gets the home off of the bank books  more quickly), and a short sale is less expensive than allowing the home to be foreclosed upon, as well.

Distressed property sales (short sales and bank owned homes) have been decreasing.  Distressed property was at 26% of re-sale inventory in the first ½ of 2012 in Ada County and 56% in Canyon County.  Both counties have seen nearly a 20% decrease in distressed property inventory in comparison to the same time last year.

Current foreclosure rates were at 1.1% last month and 1.6% in June for loans with IHFA.

HUD HOME FOR SALE

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HUD HOME–GREAT BUY!

17 S Cobblestone Court  Nampa,  ID  83651

Another great home to the market!!  HUD home situated in a low traffic cul-de-sac location and containing 3 bedrooms, 2 bathrooms and 1512 square feet! The interior is well-kept & contains a fireplace, gas range, updated fixtures, built-ins, vaulted ceilings, skylights, dual vanities, window seats, recessed lighting & a hardwood entry. The exterior holds mature landscaping along with a covered back porch & storage shed. .Priced at only $78,000!

The seller of this HUD home for sale may provide a closing cost credit of 3% to be included with the purchase of this home.

An approximate monthly payment for this HUD owned Nampa home for sale at the asking price of $78,000 while placing 3.5% down (4.25% interest rate—taxes and insurance(s) included) would be at or around $520.00  monthly—why rent?!?  **qualified 1st time homebuyers may be eligible for programs which offer $500 down payment options**

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Please visit https://trustidaho.com/search/#PropertyID=48664556 to view detailed information and additional photos of this HUD home for sale.

**INVESTORS—call me now if you’re sick and tired of your hard earned funds sitting in non-performing stocks or low interest bearing savings accounts.  The time is NOW to invest in real property that will obtain at least $650 per month in rental income (not to mention future pricing appreciation).

Interested in obtaining information on all HUD owned homes for sale?  I am happy to forward a list of available HUD owned homes within 24 hours upon obtaining your request.  Please call me at 208-869-3469 or send your request to:  [email protected]

Call today for additional information or to view the interior of this or alternate HUD  homes for sale!

Great Buy on a HUD home!

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HUD HOME FOR SALE

437 W Palmer  Nampa, ID  83686

Wow—another great buy presented by HUD!!  Like new home with views of the city lights containing 3 bedrooms, 3 bathrooms and 2171 square feet!  Open floor plan (energy star, 2X6 const.) containing 9ft ceilings, utility room w/sink , maple cabinets, dual vanities, tile flooring throughout the main level, skylights & dual zoned HVAC. The exterior contains a storage shed & has RV parking with concrete pad. Priced at only $127,000!

The seller of this HUD home for sale may provide a closing cost credit of 3% to be included with the purchase of this home.

An approximate monthly payment for this HUD owned Nampa home for sale at the asking price of $127,000 while placing 3.5% down (4.25% interest rate—taxes and insurance(s) included) would be at or around $902.00  monthly—why rent?!?  **qualified 1st time homebuyers may be eligible for programs which offer $500 down payment options**

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Please visit https://trustidaho.com/search/#PropertyID=48464009 to view detailed information and additional photos of this HUD home for sale.

**INVESTORS—call me now if you’re sick and tired of your hard earned funds sitting in non-performing stocks or low interest bearing savings accounts.  The time is NOW to invest in real property that will obtain at least $650 per month in rental income (not to mention future pricing appreciation).

Interested in obtaining information on all HUD owned homes for sale?  I am happy to forward a list of available HUD owned homes within 24 hours upon obtaining your request.  Please call me at 208-869-3469 or send your request to:  [email protected]

Call today for additional information or to view the interior of this or alternate HUD  homes for sale!

Positive News for the Housing Market

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Positive News for the Housing Market

There have been mixed signals within the local housing market . . . information providing “hope” mixed with a sudden mixture of bad news.  Although there is no true sign that a real recovery has taken hold, new statistical data points to a positive outlook.

HOME PRICES AND SALES INCREASING:

Sales have increased year to date over 8%.  The average national sales price the past 30 days was just under $190,000—up 7K from a month earlier.

THE “SHADOW INVENTORY” IS SHRINKING:

Shadow inventory refers to homes which are distressed (borrowers are very delinquent or already in the foreclosure process or the banks have already foreclosed on the property and it’s stuck in “legal limbo”) yet have not been listed for sale. Nearly 1.5 million properties are currently within the shadow inventory which equals a 4 month supply of homes.  However, the shadow inventory equaled a 6 month supply 1 year ago.  Obviously, the less shadow inventory the better for pricing due to there being less distressed homes coming to the market.

FORECLOSURES HAVE INCREASED:

As you are most likely aware, the robo-signing scandal cut back on the processing of foreclosures which created a backlog of distressed homes.  Back in March, the major banking entities reached a settlement which has allowed banks to restart their foreclosure assembly line.  The increase in foreclosures obviously hurts those losing their homes yet helps the housing market’s recovery in the long run since it allows banks to weed through the backlog of distressed property.

MORE EQUITY IN HOMES:

Homeowners have made the largest jump in home equity in more than sixty years. Nearly ½ of the borrowers who have refinanced paid down some of their debt and reduced their current loan balance.  Some are also refinancing into shorter-term loans which typically have larger monthly payments yet provide the ability to pay down principle balances much more quickly.  In fact, National mortgage debt is down 7% since 2007.  Unfortunately, home prices are down 23% over the same period, though.

Unless something comes about which places a dent in the broad economy, the housing outlook should become even better.

Low Inventory Causing Prices to Increase

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Low Inventory Causing Prices to Increase

The local real estate market provided a positive mix of data in May with non-distressed prices increasing and short sales declining.

From April to May, statistics show that the average price for non-distressed property (not a short sale or bank owned home) rose 1.7%.  The average price for short sales fell .7% and for REO’s (bank owned homes), the average price increased 1.6%.

The shortage of homes for sale or inventory w/in our local market has provided some stabilization in home pricing.  Most statisticians feel that the shortage of homes for sale is led by underwater home owners who are unable to sell at this time due to being underwater (home is valued less than what is owed).

Another factor contributing to the shortage of inventory may be due to the slower processing of foreclosures by servicers or the delinquent mortgages.

Ready to move into REO or bank owned properties are in high demand with the average days on market being just 10.6 in May.

Upon reviewing national statistics in May, the amount of distressed property currently on the market equals 46.1% which marks the 27th month in which the amount of distressed property on the market was above the 40% benchmark.

Current market conditions suggest that the shortage of homes for sale is prevalent in the Treasure Valley.  In fact, most homes which are priced appropriately typically have an offer (if not more than 1) submitted within 5-7 days.

Are you curious about what your home will sell for today?  If so, contact me directly for a free, no obligation market analysis.

Matt, 208-869-3469