This often gets confused with 16% of all properties so let me be clear. This is 16.4% of all resale homes sold and closed in the 2nd Qtr of 2009. 26.4% were bank owned. If you combine the total that would be 42.9% of all residential resale homes were of a distressed nature.
Obviously as a home owner and broker I would prefer this number be much, much lower. However the good news is that for the past three months this number has seen nearly no change. So we are currently hit some stability in the market. My sources at FannieMae also believe the number is stable as well.
Wages increase 2.2%
Forbes says: "Idaho's quirky mix of agriculture, lumber, mining and high-tech manufacturing gives it a far different profile than most states. Unusual job skills for niche industries can remain in demand during recessions, since those jobs can't be filled by just anyone."
Read the article.
This information is for South West Boise (MLS areas 500 & 550) for the 2nd QTR 2009.
So far the first half of the year has shown very little movement in small apartment building sales. When looking at 4 plexes there have been 10 sales year to date, nearly on track with 2008 volumne of 11 property sales. On top of that the average price is $271,000 for this year. The typical 4 plex that is 5 years old is averaging a the low 300's. Compared to the same time last year the average price was $344,000 or a 21% drop in value.