I recently attended the SW Idaho Chapter of the National Association of Property Manager’s meeting with guest speakers from Title One. Their main point of discussion was that many Home Owners’ Associations were experiencing significant balance deficits due to foreclosed homes. They explained that unlike some neighboring states, once the home is foreclosed upon, the dollar amount due to the association is wiped clean. In addition to that information, they included some interesting data about REO/Bank Owned Property sales.
Below is a graph showing roughly 30% of all properties sold are bank owned properties. Now, what percentage of sales are short-sales would also be an interesting number? I can tell you that in March, 96% of the residential income properties were either an REO or short sale. Unfortunately these sales have hurt value.
Below is a graph showing the rate of Notice of Defaults (NODS) in both Ada and Canyon counties. A Notice of Default is one of the first actions taken when a person gets behind on their mortgage. If the property is foreclosed upon, it’s at least 6 months down the road before they foreclose. So based on the data, it appears to me that we can expect the market to remain soft for a good portion of 2010.
- Boise Area Rental Market
- Boise Area Real Estate market
- Property Management
- Boise Area Real Estate Market
- Boise Real Estate Market
- Boise and Idaho in the News
- Deferred property maintenance
- Rental Property Maintenance
- Fair Housing
- What to expect in the rental market in 2018
- New Tax Plan and You!
- What do Rising Mortgage Rates Mean?!
- 4th Quarter Vacancy and Rental Rates are in
- Pet Screening: How it Benefits You
- Tony Drost
- Kurtis Tarbet
- Jim Sharone
- Melissa Sharone
- Julie Tollifson
- Kristen Curtis
- Tyler Brown
- Tara Pecora
- Marie Swanson
- Lizz Loop