Boise-Metro Housing Market (Meridian, Eagle, Garden City: mortgage, lender, relocate)

[Torrie]

Here's an update on our foreclosure situation in the Treasure Valley. This came up in conversation earlier in this thread on page 2 and 3. Not to sound like a broken record, but this is why I've been saying all along that Idaho hasn't been as bad as the media wants you to believe.

Below is a quote from the article in the Idaho Statesman.


"Dan Fullmer of Affinity Mortgage Inc., said less than four out of every 100 homes in the state are in foreclosure, giving Idaho the eighth-lowest foreclosure rate in the nation, according to statistics compiled by the National Association of Mortgage Bankers."

5:50 p.m. -- Home-foreclosure auctions in Valley rising fast, new data show | News Updates | Idaho Statesman (broken link)

[Anchorless]

It's one thing to report stats - it's quite another when you talk to some people who got trapped in those faulty mortgages. I tend to believe them, and academic economists (posted earlier) than realtors and pro-business news reports (in general, not necessarily with the point you're trying make here, Torrie).

I don't think anyone posited that Idaho was going to be as bad as the hyper-inflated markets on the coasts, Arizona, and Colorado. We're not losing hundreds of thousands because our homes never inflated that high. As I've said earlier, this is probably a good thing for Idaho and those who are able to buy here, and bad for speculators and developers who had over extended themselves. But at the same time, is this not the worst our own market has been in quite a while, in terms of the sheer amount of supply that is currently out there?

But there were a lot of people who refused to believe the housing market was in decline, that the "bubble" had burst, and that we were heading toward an economic recession. Those people were dead wrong.

[ds495]

Is this a big ad for Torrie the real estate agent?

[boi2socal]

I see someone posting real articles from real sources - I don't consider that advertising.

[Sage of Sagle]

DS495,

You're new here, so we'll chalk it up to a lack of knowledge of our little community here rather than malice...

Torrie is a real estate agent. She's also one of the best resources of relocation information that we have on the Idaho (state) relocation forum. She's forthright and friendly, and a valuable member of the city-data.com community. Is she a bit of a "pro-Boise" advocate? Sure. It's both a great place to live and work, and in her best interest as a realtor. However, she's careful to honor the terms of service here at city-data.com, and when engaging in discussions about the good AND bad things that come with living here, I do not find her to be disingenuous.

I have found many people who benefit from these updated articles and posts, and realtors (who, like Torrie, abide by our policies) are welcome to contribute to the knowledge-base here at C-D.com and enhance people's fore-knowledge of the area they are investigating for a potential relocation.

[cookie88]

Um, hi? First a disclaimer-I am brand new on this forum, live in Boise (almost 5 years now), and am currently selling a home and relocating to AZ.
So...I wanted to add my current experience from a sellers point of view here in Boise about this market. We live in West Boise, been on market just over a month, and have/are experiencing heavy traffic. Which is good! Many of these lookers have homes to sell themselves, most are relocating here from elsewhere. Currently 1 offer on the table. We have a couple foreclosures in our neighborhood; 2 have sold, 1 I have no idea what is happening. As compared to the place we are moving to (AZ), the market here, in my personal experience, is actually pretty good. Sure there is much more available to look at but if you want to sell you need to be best priced, best presented and great marketing. No, I am NOT a Realtor, just a seller! But in my personal experience, having owned 4 homes in 4 different states over 20 years, this market is not near as horrible as some would lead you to believe. Just for the record, I can't speak to the situation some are in due to being upside-down in mortgages/interest only loans; not something I would ever consider. So, there you have it, don't kill me, and thanks for such a great forum!

[AlleyTD]

I don't want the hijack the thread, so I will send you a private message where you can respond to me.

I moved here in August from AZ. I am curious as to where you are going in AZ?

I hope you know how to check private messages.
If not, here is your chance to learn

check your inbox.

[cookie88]

Thanks! We will miss Boise, it is a little on the small side for me and I am ready for a new adventure! This real estate market right now is so fascinating to me....I guess for this time of year (spring, beautiful day), you do get more people out with real estate in mind. What I am seeing personally is not new......it is price and location! So don't listen to the gloom and doom, it is there if you seek it out, but overall it is a pretty decent market here.

[Torrie]

Idaho foreclosures down from February, up 85% from year ago | Business | Idaho Statesman

[YanquiUXO]

City-by-city price comparisons - SlideShow - MSN Real Estate - 6

"Declining sale prices show that Boise may be heading for a bust, Ingo Winzer of Local Market Monitor says. It's one of his company’s overpriced cities, with average prices 17% higher than equilibrium. Employment growth also is dropping below 1% according to Winzer's data. "

Seems like the worst has still yet to come.