Yep – that’s right!  If you have been watching or reading the news you are likely thinking I have lost my mind.  The media often forgets to mention local stats on residential real estate and only regurgitates the same national stories over and over again.  Always stressing the worst possible news, this is often thousands of miles away.  The good news is that the total number of homes sold in Ada County in 2007 will be the 5th best ever in this County with well over 6,500 home sales.   Ada County includes the cities of Boise, Eagle, Meridian, Garden City and Kuna. 

Also, did you know that Idaho is ranked the 6th highest in appreciation nationwide?  The percent change in house prices in Idaho is up 6.87% (6th in the nation).  Boise is at 4.46% for the year (74th in the nation) and flat for the 3rd QTR at -0.02%. See below (source Office of Federal Housing Enterprise Oversight 11/29/2007)

The term “foreclosure” is often thrown around these days.  You hear stats like “Foreclosure in Idaho increase.  The October figure represents a 157% hike from the same time last year” This Nov 30, 2007 Idaho Statesman article is technically correct however in context it’s out of whack.  Just to illustrate this if you go from one foreclosure to three you have a 300% increase.  Granted foreclosure rates have gone up but in a super heated market foreclosure rates are almost nonexistent.  So any comparison to 2005 or 2006 is an apples and oranges comparison.  The foreclosure rate in Idaho is at 1%.  Ranking Idaho 24th in the nation.  See the Relative Frequency of Foreclosure Filings graph below.