REO sales have been a significant portion of the Boise real estate market in the recent past.
In fact, MLS data shows that 511 REO listings have closed YTD in 2012.
The average selling price for those listings was $138,169 vs. a median price of $122,000.
Many of those properties have been scooped up by investors paying all cash.
Because a home in that price range will likely rent for $1,000/month and generate about a 10% cash-on-cash return; not to mention providing some tax deductions too.
Many investors prefer predictable cashflow with solid returns vs. the volatility of the financial markets.
Those days, however, may now be coming to an end with only 43 available REO listings in MLS.
Data pertains to Ada County single-family homes on lot/acreage. Data does not include condo or townhome properties.
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