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

HUD HOME WITH 3 CAR GARAGE

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HUD HOME FOR SALE

11577 W McGraw Drive, Nampa  ID  83686

Wow—what a buy!!  Well-kept HUD HOME containing 3 bedrooms, 2 bathrooms and 1398 square feet.  The interior contains plethora of tile along with vaulted ceilings, plant shelves, recessed lighting, a gas range and an oversized laundry area with shelving. The substantial lot is well kept and holds RV parking with dual gates, mature landscaping , an oversized back patio & no back neighbors.  Priced at only $70,000!

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 $70,000 while placing 3.5% down (4.25% interest rate—taxes and insurance(s) included) would be at or around $510.00  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=48022164 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 a number of mixed signals from the housing market—bursts of hope then a mix of sudden disappointing news. There has not been a solid indicator showing that a real recovery has taken place yet new data coming to the forefront makes me optimistic.

HOME SALES AND MEDIAN PRICING IS ON THE RISE.  Nationally, the average sales price w/in the past month (30 days) was nearly $190,000—up 7K from a month earlier. Home sale transactions were up 8.2% during this time.  All in all, the market is continuing its trek toward normalcy.

THE “SHADOW INVENTORY” IS DIMINISHING. The “shadow inventory” is a term for homes which have been foreclosed upon yet have not hit the public market or homes in which the owners are drastically behind on their payments and are on the verge of foreclosure. There were approximately 1.5 million homes which could be considered a part of the shadow inventory.  This equals a 4-month housing supply—down from a 6 month supply the same time last year.  A minimal shadow inventory is positive for hoem pricing since it means that there will be less distressed homes coming to the public market.

FORECLOSURES ARE UP. Late in 2010, the robo-signing scandal emerged over the banks faulty foreclosure filings which cut back on the processing of foreclosures.  This built up a backlog of distressed property.  Recently, banks agreed to a 25 million settlement and updated data is showing that lien holders are restarting the foreclosure assembly line.  In May there was  a 9% increase in foreclosure filings from April of 2012.  Obviously, the foreclosure up-tick huts those who are locing their homes yet helps the housing market in the long run.

BORROWERS ARE BUILDING MORE EQUITY IN THEIR HOMES.  Homeowners have made the largest jum in building equity within their home in more than 6 decades.  Nearly 50% of the borrowers which are refinancing pay down some of their debt. Some are also refinancing into 15 year mortgages that have higher monthly payments yet enable the loan to be paid much more quickly. All of this said, mortgage debt is down 7% since ’07.  This, of course, is just a small consolation for the overall decline in home values of 23% since that same time period.

Unless something comes along to dent the economy and housing market, the overall housing outlook should become even better.  Fingers (and toes) crossed!!

30-Year Mortgage Interest Rates Decrease to 3.66%

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30-Year Mortgage Interest Rates Decrease to 3.66%

For the 7th time in eight weeks, the average interest rate on 30-year fixed mortgages fell to record lows.  These low interest rates have helped with the recovery of the weak housing market so far this year.

Freddie Mac stated today that the average 30-year fixed mortgage dropped to 3.66% which is down from 3.71% last week (the lowest since long term mortgages began in the 50’s).

The typical interest rate on a 15-year mortgage declined to only 2.95%–down from 2.98% last week and a smidge above the record low of 2.94% hit 2 weeks ago.

Amazingly enough, the interest rate on a 30-year mortgage has held below 4% since December—wow!

Lower rates will continue to help the economy—especially if home owners continue to refinance their higher interest rates to the current mortgage interest rates. Doing so will provide more funds which can be used to fuel the economy (lower interest rate=lower payment).

Unfortunately, home sales remain well below healthy levels.  Nationally, sales of occupied homes slid in May to an adjusted rate of 4.55 million even though home sales have increased from #’s obtained at the same time last year.

Although interest rates are low, some individuals are still unable to qualify or are unable to afford the larger down payments required.  Some potential home purchasers are also hesitant to purchase due to the fear of home pricing declining further.

Mortgage rates continue to drop due to the rates being “aligned” with the 10-year Treasury note.  Economic uncertainty has led investors to purchase more Treasury securities which most consider a “safe investment”.  As the demand for Treasury notes increases, the yield falls and so do interest rates.  Amazingly enough, however, the Treasury yield will most likely fall to a lower level since the Federal Reserve will continue selling short-term Treasury’s while using the proceeds to purchase longer-term Treasury notes. The goal, of course, is to drive long-term interest rates lower in order to encourage more borrowing, and most importantly, spending.

Keep in mind that the interest rate of 3.66% does not include fees or points which may increase the interest rate.  One point typically equals 1% of the loan amount and the average fee for 30-year loans was .7 points.

Interested in taking advantage of the historically low interest rates?  If so, please call me directly for a no-obligation consultation.  208-869-3469 . . .

“Like New” HUD home for sale

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HUD HOME FOR SALE

3534 S Rock Springs Way  Nampa, ID  83686

Nearly new HUD HOME containing 4 bedrooms, 2 bathrooms and 1421 square feet!  Clean and ready to move into, this home boasts a flex/bonus room, tiled entry, rounded corners, vaulted ceilings, & recessed lighting. The great room design is perfect for entertaining. Exterior features include: East facing backyard/patio, sprinklers & low maintenance vinyl siding.  Priced at only $93,000!

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 $93,000 while placing 3.5% down (4.25% interest rate—taxes and insurance(s) included) would be at or around $695.00  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=47827495 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 $800 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!

 

Another well-priced HUD Home for Sale

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HUD HOME FOR SALE

16673 N Liverpool Lane  Nampa, ID  83687

HUD HOME located just a hop-skip & jump from I-84! 3 bedrooms, 2 bathrooms and 1346 square feet.  The interior is open & bright, containing vaulted ceilings, ceiling fans, recessed lighting, plant shelves & a large bonus room. Exterior features include low maintenance vinyl siding, a cozy front porch, mature landscaping w/rose bushes & RV parking potential.  Priced at only $67,000–call today to view the interior!

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 $67,000 while placing 3.5% down (4.25% interest rate—taxes and insurance(s) included) would be at or around $490.00  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=4767252447641771 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!