A Nations Strong Belief in Homeownership!

 



 

 

 

Ada and Canyon Counties Dis-stressed Sales.

Although the percentage of distressed properties appear to be reducing somewhat in Ada County,  it is still amazing to me how high the percentage has been in Ada and Canyon counties this year.

Breakdown of REO, Foreclosure, Short-Sale, HUD Owned for Aug-2011

301 + 207=  508 = Ada + Canyon



75     HUD OWNED
252     REO OWNED
2     IN FORECLOSURE
179     SHORT SALE (50 of 179 were also “Yes” to In Foreclosure)
508 Total Distress Ada & Canyon County

So 508 of 971 sold homes, or 52% ,were distress sales in the month of August 2011.

 

The following graphs prepared by Hennessy Appraisals clearly illustrate the valley's situation from January through June.

Name that sub answers-South West Boise

The answer to yesterday's quiz is Hazelwood Village is southwest Boise off Lake Hazel road between Cloverdale and Eagle roads.

 

It is a nice development and still has quite a nice selection of new homes still being built. It features a community pool, clubhouse, walking paths and parks.



I just listed a house for sale is this lovely neighborhood. The sellers love it there but personal life changes force their relocating.

Located right across from the park and clubhouse and next to a walking path the home is progressively designed home with modern stainless steel accents.

You can check out all the details on my website LowesFlatFee.com.

Guess that Sub!

Today I have another entry in my name that sub contest. Where I post entrance features or other significant visual features from Treasure Valley subdivisions and see if you can recognize them.

And here is another view.

Tune in tomorrow for the answer.

The long hot summer has come and gone...our real estate market continues to simmer.

August sales were 605 in Ada County, an increase of 43% compared to sales in August 2010.

Historically, August sales are even with July. August 2011 had 7.3% more sales than July 2011.

I am really happy to report that year-to-date 2011 sales, which total 4,192 are ahead of YTD 2010 sales; 3,947. As of the end of August we are 245 units ahead of year-to-date 2010! That’s a 6.2% increase.

Of our total sales in August… 45% were distressed….up 3% from July 2011. In January 2011 57% of our sales were distressed. (Short sales 17%, REO’s 22% and HUD sales 4%). Distressed sales continue to cast a long shadow over the market, but they are no longer the “majority” of transactions!

For homes sold in August, the average number of “Days on Market” was 81. This is down from 90 days last year this time and down from 93 days in January 2011.

Pending sales at the end of August were 885; and decrease of 6% from the end of July.  Looking back at pending sales from March 2011 to August 2011, we see an average near 900 at the end of each month.  This is another sign of the long term recovery we are experiencing. The percentage of pending sales in distress was essentially unchanged from July, totaling 44% overall. We are now at five consecutive months below 50%.

August median home price increased 2.5% from July.  Overall median price was $156,000; down 7% from August 2010. This is the highest median price we’ve had so far this year.

New Homes median price for August 2011 was $246,000; a 32% increase over August 2010.

The number of houses available for sale at the end of August fell below 2,500 for the first time since March 2006. This is down 3% from July and 32% less than last year at this time.

At the same time, the percentage of active inventory that is distressed increased almost 2% from June to 35%.  This increase reverses the trend of the last five months; which is, in part, due to the continuing reduction of available inventory. We remain well below the 40% levels set last spring….when we were on the increase.

In Ada County we have 4 months of inventory on hand…historically this number defines a strong “seller’s market”.  The price category in shortest supply is <$119,000 with 3 months available. This is closely followed by the $200,000 to $249,000 with 4.2 months.  Consumption of inventory is expanding to all price ranges. In the price ranges from $250,000 to $499,000 we have about 6 months of available inventory. These are the lowest numbers in more than a year!

There is also positive news on some of the higher priced inventory; $500,000 to $699,999 inventory dropped for a fourth month in a row to 6.9!

We continue to “benefit” from inventory levels much lower than national average.

Courtesy of Marc Lebowitz  Ada County Association of Realtors

5 Great Reasons to Sell Your House Today

We are often asked “Is it time to sell my home?” The answer to that question is based on what your families’ goals are. If you don’t need or want to move for a few years it might make sense to wait for the housing industry to recover and prices to appreciate. However, if you wish to move within the next six to eighteen months, it is probably better to sell sooner rather than later. Here are five reasons why:

Your House Will Get More Exposure Now Than the Winter

Housing sales usually level off in the summer and then regain momentum in September and October. The spring buyers’ market has passed. Don’t miss the early fall market. It has consistently outperformed the winter season.

Distressed Properties Will Impact Prices

Distressed properties (foreclosures and short sales) on the market will increase this fall and winter. This will put tremendous downward pressure on prices for at least the next 12-18 months. Get your home sold before they become your competition.

Mortgages Will Become More Difficult to Attain

Lending standards are continuing to tighten. There is legislation currently being considered that will make it even harder for buyers to qualify. Less demand will equate to lower prices.

It is the Perfect Time to Move-Up

With prices where they are and interest rates at all time lows, there may have never been a better time to move-up into your dream home. If you move into a more desirable home now, you will be in position to gain larger equity as prices eventually appreciate.

You Get to Move On with Your Life

Probably the most important reason to sell is so you can get on with your life. You are considering selling for a reason. Do not allow a less-than-stellar housing market prevent you from reaching your goals as an individual or as a family. Think about the reasons you are thinking about moving. Are these reasons really important to you? If you have to take less than you were originally hoping to get for your house, your family has a question to ask each other: Is the dollar difference in sales price worth putting off our plans? Only you and your family know the answer to that question.

 

Deficiency Judgments and Idaho

Short Sales and Deficiency Judgments. A State by State Guide.

What is a Deficiency Judgment?

A deficiency judgment is an unsecured money judgment against a borrower whose mortgage foreclosure sale did not produce sufficient funds to pay the underlying promissory note, or loan, in full.  The availability of a deficiency judgment depends on whether the lender has a recourse or nonrecourse loan, which is largely a matter of state law. In some jurisdictions, first mortgages are non-recourse loans, but second and subsequent ones are recourse loans.

States that follow the title theory of mortgages typically allow non-judicial foreclosure procedures, which are fast, but do not allow deficiency judgments. States that follow the lien theory of mortgages require judiciary foreclosure procedures, but allow deficiency judgments against the debtor.

In Idaho most residential property follows a non-judicial foreclosure procedure.

In Idaho: Lawsuit for deficiency must be brought within 3 months of the public auction. Deficiency limited by fair market value as of the date of the sale.

There can be additional variables, you are urged to consult an attorney if you are contemplating a short sale.