Boise Idaho Real Estate Tips
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Market Update
According to a recent article from AP we are seeing an increase in foreclosures within the US. The foreclosure rate among residential real estate is just over 7% while unemployment is climbing close to 10%. Of course the consensus it that it is going to get worse before it gets better. With some predictions stating that the unemployment rate is going to jump to 10% others think that it will be much higher, maybe 14% or more. Could it be that the foreclosure rate will piggyback what unemployment is doing? Especially with the debt our nation carries and the lack of funds in the bank to get through hard times. Government funds promised to help homeowners refinance high interest mortgages won’t do any one any good if they aren’t employed.
Boise Foreclosures
As 2009 reaches its half way mark there doesn’t seem to be much relief on the foreclosure front. In fact things appear to be getting worse. There are over 300 homes that are Boise foreclosures or 1 out of every 384 homes according to RealtyTrac.
In the Boise area we are hitting an 8% unemployment rate and news of Micron and other local business is not that promising. Could it really get much worse? Well the word on the street is YES, it will get much worse. We could expect to see rates double what they are now…
Currently the NAR says there is over 10 months worth of housing inventory on the market and that is likely to increase as we wrap up summer.
For those 92% out there that are employed it might be a good idea to spend, spend, spend… 
Foreclosure Scams
Because of the outstanding number of foreclosures there are many scam artists out there promising to help distressed homeowners save their homes. When really what they are doing is ripping off people who are already down on their luck. 2008 has already seen a record number of foreclosures and millions more are expected in 2009, approximately 3.1 million. That number is huge and the more foreclosures means lower property values, higher inventories, and a greater chance of being scammed.
Mortgage Fraud
With increasing numbers of foreclosures comes increasing number of con artists preying off desperate homewoners. We have seen banks even get involved in predatory lending practices that is why I have published a new section on mortgage fraud and how you can protect yourself. If you are looking for additional information on the types of mortgage fraud and what to look for visit Boise Mortgage Fraud and read more.
Boise Real Estate 2008
Well we are drawing to a close on 2008 with a lot to talk about and much to look forward too. We have seen record foreclosre rates throughout the nation and Boise has seen its share. Idaho ranked in the top 20 states for foreclosure. The financial crisis continues to be a problem with more foreclosures expected and some big business’ having to close their doors and cut back while having uncertain futures. This too will have an effect on home values and the over all market.
2007 Boise had sales of about 3980 homes while in 2008 only 2800 (give or take) were sold. We can only hope that 2009 brings some change and things improve for Boise and the nation.
Get more Boise Home Sales Statistics
Boise Foreclosures
It looks like the foreclosures are decreasing in the Boise area but this is likely due to the fact that the government has asked lenders like Fannie Mae and Freddie Mac to hold off until next year. On the flip side if you are an investor os someone with cash you can most likely get a pretty good deal right now by finding a short sale. This is a good way to help out someone who owes more on their home than what the current market value is.
If you read the newspaper these days don’t expect anything good anytime soon. Sure gas prices may be low but more than a million jobs have been lost this year so far and it is going to continue. This means less people with money to support the economy while the banks and big business get to hold on to what they got the american people start suffer even more.
Idaho Foreclosures
In the midst of the financial and foreclosure crisis this nation is experiencing it is interesting to find out that Boise Idaho ranks in the top 20 for more than being one of the top places to live, play, and work. Believe it or not but Idaho is ranked 18 among the nation in home foreclosures. Idaho homes are being hit hard with this housing crisis. I hope it ends soon and I hope we will be wiser from the experience.
