According an article published in the Idaho Business Review yesterday apartment vacancy rate is up slightly to 9.5%. I personally see a wide variety of apartments for rent in the Boise valley. From high end luxury apartments with all the country club amenities to more basic (somewhat older units). From what I am seeing applicants on some of our units are moving down in price point and amenities. Prospective tenants are very budget conscious. As a result I see vacancies higher in the luxury market that the quality mid range and a bit higher in the low end (older) units as the mid priced and newer units have adjusted in price.

 At a glance:

·  The tax credit is for first-time home buyers only.

·  The tax credit does not have to be repaid (special provisions apply).

·  The tax credit is equal to 10 percent of the home’s purchase price up to a maximum of $8,000.

·  The credit is available for homes purchased on or after January 1, 2009 and before December 1, 2009.

·  Single taxpayers with incomes up to $75,000 and married couples with incomes up to $150,000 qualify for the full tax credit.

Read the FAQ's about this Bill here.

Personally speaking I am conflicted on this issue.  Being a Realtor for 25 years I am obviously concerned about the housing market.  I know many people who continue to make their payments and were conservative on their home purchases. On the other hand I know many people who are facing some financial difficulties. These are regular folks whose livelihood directly or indirectly is dependent upon the housing market. This would include people who manufacture and sell household products, dentists & insurance agents whose clients can no longer pay because they are tied to the housing industry and aviation companies whose business is down dramatically as result of these issues. 

This embedded video is good explanation of why some sort of relief is a good thing for the economy in general. What do you think?

Here is the other side of the debate.

Wes from ISA (Inspection Services of America) commented to me today that he has seen the largest increase in home inspections since October of 2008 in the Boise Idaho area. He also said that most inspections were rush orders, meaning people wanted to close fast. This is consistent with what I am seeing in the Boise, Eagle and Meridian Idaho real estate market place. The reduced mortgage rates and reduced prices are attracting buyers who want to close now.