This data is for Short Sales from 7/1/08 – 10/31/08 Total Sales in MLS 1,919 Short / Closed 113 5.9% Short / Pending (7/1/08+) 88 17.7% The Short/Pending illustrate the difficulty in closing many short sales. They have a 50% fall out ratio. This is due to two primary factors that I will address in the next post.
This data is for Short Sales from 7/1/08 – 10/31/08
The Short/Pending illustrate the difficulty in closing many short sales. They have a 50% fall out ratio. This is due to two primary factors that I will address in the next post.
Over 20% of homeowners with a mortgage (13.7% of the all homes) owe more than their home is worth. This makes sense on a number of different levels and is not as negative as it looks at first glance. Values have come down and if - and a lot did - purchased with little or no down payment at the height of the market they obviously owe more than what the home is worth now. One thing that is overlooked is that many of those buyers choose to keep their down payment in other investments (IRA, cash, etc.) or they payed off other consumer debt keeping their total monthly cash outlay lower. See the previouse post about home appreciation.
Over 20% of homeowners with a mortgage (13.7% of the all homes) owe more than their home is worth.
This makes sense on a number of different levels and is not as negative as it looks at first glance. Values have come down and if - and a lot did - purchased with little or no down payment at the height of the market they obviously owe more than what the home is worth now. One thing that is overlooked is that many of those buyers choose to keep their down payment in other investments (IRA, cash, etc.) or they payed off other consumer debt keeping their total monthly cash outlay lower. See the previouse post about home appreciation.
On average, homeowners stay in their houses for six years. At the end of this period, their home has likely appreciated sizable. For buyers purchasing a home with the intent to live in it for the next several years, tumultuous market conditions do not affect their long-term plans. On average, homeowners stay in their houses for six years. At the end of this period, their home has likely appreciated sizable. For buyers purchasing a home with the intent to live in it for the next several years, tumultuous market conditions do not affect their long-term plans.
On average, homeowners stay in their houses for six years.
At the end of this period, their home has likely appreciated sizable.
For buyers purchasing a home with the intent to live in it for the next several years, tumultuous market conditions do not affect their long-term plans.
Here are the facts on resale homes in Ada County. Year Units Sold 2001 3,539 2002 4,685 2003 5,275 2004 6,004 2005 7,351 2006 6,547 2007 5,173 2008 3,371 Through Oct 08. 4,000+ project for 08 This year will be the 7th best year in resale home sales in Ada County EVER! Granted this is down from the high point of 2005 but lets have some perspective here. I think anyone would agree that 05 & 06 were a bit out of wack.
Here are the facts on resale homes in Ada County.
This year will be the 7th best year in resale home sales in Ada County EVER!
Granted this is down from the high point of 2005 but lets have some perspective here. I think anyone would agree that 05 & 06 were a bit out of wack.
There are 76m households in the US that own their own home. 24m of these homes are free and clear There are 52m homes with mortgages 97.2% of these are not in foreclosure 93.8% of these homes are current on their payments
There are 76m households in the US that own their own home.
There are 52m homes with mortgages
The average days on market for sold homes is running at 74 days in Jan, just slighter higher than the same month last year. The really good news is that January typically has the highest market time of any month of the year. Given our recent spike in activity we will no doubt see a decrease in market time in Feb and March. Average Days On Market - Ada County Idaho
Headlines like this Idaho Statesman article “Goose responsible for cutting power to nearly 1,000 Idaho Power customers in Boise”. Don’t get me wrong I don’t like reading about people loosing their power or some animal biting the dust it’s the fact that something like this actually makes the news. Not to mention the power was back on in 40 min and there was no protest by PETA. It’s all smiles.
Headlines like this Idaho Statesman article “Goose responsible for cutting power to nearly 1,000 Idaho Power customers in Boise”. Don’t get me wrong I don’t like reading about people loosing their power or some animal biting the dust it’s the fact that something like this actually makes the news. Not to mention the power was back on in 40 min and there was no protest by PETA.
It’s all smiles.
A “Pending Sale” simply means that an offer has been accepted but closing has not taken place yet. “Pending” also means that the property has been removed from the general publics view in the MLS. A “Pending” sale will not show up any public website.
Of the 507 pending home sales 6.7% or 34 are short sales. Short sales represent 5% of the inventory and 6.7% of the pending sales so the short sale properties have a slight statistical advantage over traditional sales. This is due to short sale homes being priced at market or slightly below market values.
Of the 507 pending home sales 6.7% or 34 are short sales.
Short sales represent 5% of the inventory and 6.7% of the pending sales so the short sale properties have a slight statistical advantage over traditional sales. This is due to short sale homes being priced at market or slightly below market values.
Zions bank maintains a statewide small business index that is updated every month. The latest report upgrades Idaho’s business outlook in November to 91.3 from a revised 90.8 in October 2007. The Index includes 14 different factors that influence small business success, including such data as the unemployment rate, retail sales, personal income, bankruptcies, and the strength of the regional economy. Jeff Thredgold (the reports author) was quoted at saying “Even as the economy [nationally] has slowed, the state’s long-term economic potential rivals any in the nation.” Several key factors that were considered in the upgraded forecast were as follows: The average Idaho home price increased 6.87 percent, the sixth highest in the nation. The Idaho economy added 11,300 new jobs, a growth rate of 1.7 percent. Idaho unemployment rate averaged 2.6 percent.
Zions bank maintains a statewide small business index that is updated every month. The latest report upgrades Idaho’s business outlook in November to 91.3 from a revised 90.8 in October 2007. The Index includes 14 different factors that influence small business success, including such data as the unemployment rate, retail sales, personal income, bankruptcies, and the strength of the regional economy.
Jeff Thredgold (the reports author) was quoted at saying “Even as the economy [nationally] has slowed, the state’s long-term economic potential rivals any in the nation.” Several key factors that were considered in the upgraded forecast were as follows: