Latest News on Boise and Idaho Foreclosures
January 22, 2010RealtyTrac is reporting that Idaho ranks #6 for most per-property foreclosures in the nation in 2009.
They estimate over 17,000 properties were foreclosed in 2009, which is 1 in 37 houses, double what it was in 2008 and nearly four times what it was in 2007.
However, Idaho is a long way from #1 Nevada with 1 in 10 properties foreclosed in 2009 and not that far from the national average of 1 in 45.
I have noticed that RealtyTrac gets major free advertising from the media by putting out these dramatic-sounding statistics. For example- 1 in 37 homes is only 2.7%. Doesn’t sound so dramatic does it? It’s not good, but it’s not that bad either, compared to 2.2% nationwide.
What about the Boise area?
According to the Census Bureau, there are approximatley 80,000 households in the city of Boise. Today, there are less than 200 foreclosed homes listed for sale- That is 0.25% of all households.
In the Boise-Nampa MSA, I estimate there are approximately 210,000 households. With less than 600 foreclosed homes available, that is only 0.28% of all households.
I am using only active homes to make my point, because only current supply affects prices. There are many foreclosed homes with contracts pending or not yet marketed that would add to the number, but the foreclosure bubble is not near as dire as the media makes it sound. Just wanted you to know.
Who knows where the best buys are? Repoman!
Dan Rowe ABR CRS GRI, Broker of Dan Rowe Realty in Boise Idaho (208) 866-3481
