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Boise Homes For Sale: MLS Area 0900 (Eagle)

Here’s a breakdown of our current Eagle listing inventory.

Total Available: 227
Average Asking Price: $435,999
Median asking price: $351,680
Short Sale Listings Available: 42
Real Listings Available:185
REO Listings Available: 3
Months’ Supply (all listings): 5.6
Months’ Supply (real listings): 4.6

Data extracted from Intermountain MLS on 2/12/12.

Data pertains to single-family homes on lot/acreage; data does not include condo/townhome properties.

Months’ supply is calculated by dividing the past twelve months’ average number of closed sales per month into the available listings.

Real listings are defined as listings that can be purchased and closed in a reasonable time (excludes short sale listings).

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Boise Homes For Sale: MLS Area 0800 (NW Boise)

Here’s a breakdown of our current Northwest Boise listing inventory.

Total Available: 145
Average Asking Price: $435,999
Median asking price: $351,680
Short Sale Listings Available: 31
Real Listings Available: 114
REO Listings Available: 5
Months’ Supply (all listings): 4.0
Months’ Supply (real listings): 3.2

Data extracted from Intermountain MLS on 2/12/12.

Data pertains to single-family homes on lot/acreage; data does not include condo/townhome properties.

Months’ supply is calculated by dividing the past twelve months’ average number of closed sales per month into the available listings.

Real listings are defined as listings that can be purchased and closed in a reasonable time (excludes short sale listings).

February 16th, 2012 Posted in Boise Market Stats |

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Lenders Gone Wild: B of A Says “Take A Number!”

Bank of America has instituted a “reservation system” in its call center network to deal with heavy refinancing volume.

The system is activated during periods when B of A experiences a delay in processing loan applications and asks potential borrowers to leave their contact information on a recording.

Then, the borrowers are told that the bank will respond to their request within 60 days.

B of A is trying to spin this as being akin to a concierge service after its spokesperson Terry Francisco admitted that “customers would be unable to get a predictable closing date”.

With nearly 300,000 employees, why can’t B of A figure out a way to respond to customers who want to buy their products?

Rule #1 of business: When someone wants to buy something from you, it’s a good idea to figure out how to take the money.

Source: DSNews.com article

February 15th, 2012 Posted in Inside Real Estate |

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Earned Principal Reductions – Part II

What if we could design a program that establishes the current value of a home by appraisal, then reduces the balance owing to that value, conditioned upon the borrower making all payments on time over a specified trial period of time.

And, concurrently, restructure the mortgage debt at current interest rates to lower the monthly payment.

Then, the principal reduction would be made permanent at the end of that trial period of time.

To make it attractive for the lender/investor, the borrower could share any future profits at time of sale. For example, if there was a 20% principal reduction, the lender would receive 20% of any future price appreciation.

This concept, if implemented, would help keep people in their homes by lowering their payments and giving them an incentive for not defaulting.

But, this is not as simple as it sounds.

This is an extremely complex concept with numerous obstacles to overcome, including 2^nd loans, gaining the approval of various parties including Fannie, Freddie, FHA, VA, bondholders, PMI (private mortgage insurance), and myriad other considerations.

That said, it might be better to write down the balances owed instead of enduring an endless onslaught of foreclosures with all concerned incurring even larger losses.

What are your thoughts on this?

February 14th, 2012 Posted in Inside Real Estate |

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Earned Principal Reductions – Part I

The concept of principal reductions seems to be popping up on the radar more and more lately.

The topic raises many issues, including:

Why should anyone benefit from a principal reduction after agreeing to repay the amount they borrowed?
Why should one delinquent borrower get a principal reduction when another borrower who has kept their mortgage current doesn’t receive the same treatment?
Do principal reductions reward bad behavior? (like borrowers who default after spending their equity on toys, vacations, etc.)
Who would ultimately pay the cost of principal reductions ~ taxpayers, lenders, investors, future borrowers?

One thing’s for sure ~ we’re making meager progress toward solving our housing crisis.

In past U.S. recessions, housing led the country out of the recession.

This time, housing is holding back a recovery.

(check back tomorrow for Part II)

February 13th, 2012 Posted in Inside Real Estate |

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