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Breaking News: Mortgage Relief Deal Reached

The federal government has finally concluded a $25 billion deal with B of A, Wells Fargo, JPMorgan Chase, Citigroup, and Ally Financial that’s intended to correct foreclosure and mortgage loan servicing abuses.

The deal was announced earlier this morning.

Forty-nine states agreed to the deal; Oklahoma was the lone holdout and will receive no money.

The money will be doled out to participating states to be used for refinancing underwater mortgages, refinancing at lower interest rates, anti-blight programs, forbearance for unemployed borrowers, short sales, and other programs.

If you think this will be a long-awaited bonanza for your personal benefit, think again.

This is a massive federal program and there will be numerous, complex, and confusing criteria for anyone who expects to benefit from it.

It sounds like a lot of money, but you can expect it to be relatively miniscule for the average homeowner by the time the money gets distributed.

The Obama administrations is claiming that the settlement will help up to one million homeowners.

The number of borrowers who have experienced foreclosure or are currently facing foreclosure far exceeds that number.

Source: MSNBC.com article

February 9th, 2012 Posted in Inside Real Estate |

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Boise, Idaho Real Estate Stats – February 2012

Here’s a snapshot of January’s real estate activity for Boise, Idaho:

Available Homes
# Available: 1,927
# Vacant: 1,078
Vacant Percent: 55.9%
Average Asking Price: $246,919
Median Asking Price: $179,900

Pending Sales
# Pending: 825
Average Asking Price: $191,709
Median Asking Price: $159,900

Closed Sales – January 2011
# Closed: 362
Average Sales Price: $175,209
Median Sales Price: $134,950

Closed Sales – January 2012
# Closed: 394
% Change: +8.8%%

Average Sales Price: $172,219
% Change: -1.7%

Median Sales Price: $138,500
% Change: +2.6%%

Data taken from Intermountain MLS on 2.7/12 and pertains to single-family residences on lot or acreage. Data does not include condominiums or townhomes.

February 8th, 2012 Posted in Boise Market Stats |

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Meridian, Idaho Real Estate Stats – February 2012

Here’s a snapshot of January’s real estate activity for Meridian, Idaho:

Available Homes
# Available: 481
# Vacant: 300
Vacant Percent: 62.4%
Average Asking Price: $200,675
Median Asking Price: $173,900

Pending Sales
# Pending: 222
Average Asking Price: $198,962
Median Asking Price: $189,700

Closed Sales – January 2011
# Closed: 99
Average Sales Price: $176,474
Median Sales Price: $152,500

Closed Sales – January 2012
# Closed: 84
% Change: -15.2%

Average Sales Price: $172,503
% Change: -2.3%

Median Sales Price: $158,530
% Change: +3.6%

Data taken from Intermountain MLS on 2/7/12 and pertains to single-family residences on lot or acreage. Data does not include condominiums or townhomes.

February 8th, 2012 Posted in Meridian Market Stats |

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Eagle, Idaho Real Estate Stats – February 2012

Here’s a snapshot of January’s real estate activity for Eagle, Idaho:

Available Homes
# Available: 215
# Vacant: 88
Vacant Percent: 40.1%
Average Asking Price: $433,408
Median Asking Price: $355,900

Pending Sales
# Pending: 54
Average Asking Price: $374,649
Median Asking Price: $337,450

Closed Sales – January 2011
# Closed: 23
Average Sales Price: $384,612
Median Sales Price: $393,000

Closed Sales – January 2012
# Closed: 31
% Change: +34.8%

Average Sales Price: $348,565
% Change: -9.4%

Median Sales Price: $199,999
% Change: -23.7%

Data taken from Intermountain MLS on 2/7/12 and pertains to single-family residences on lot or acreage. Data does not include condominiums or townhomes.