Boise Real Estate Foreclosures and Short Sales
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Foreclosure Alert By Mike Turner Front Street Brokers New Boise Short Sale Coming on Market Tomorrow 4000 sqft, 4 bed, built in 2005, with great views. The list price will be $549,997. Home was on the market this winter at $669,000.  It is now going to be a short sale so you get a $100,000 discount! Call Mike at 340-8399 to schedule showing Here is an OLD listing (new listing coming tmrw) Listed by:  The Real Estate Shop Boise Real Estate Eagle Foreclosure on 10 Acres Older Ranch style home that needs some TLC is located in Eagle on Willow Creek Rd. This home just came back on the market about 10 minutes ago. So if you are looking for inexpensive acreage and home you can fix up.  Here you go… Price:  $267,000  Vacant – Easy to show.  Call Mike at 340-8399 MLS Details Listed By: Advent REO Eagle Idaho Real Estate BOISE Bank Foreclosure on 10 acres with pool and shop. This bank owned foreclosure is back on the market.  Why? Because it needs work and has issues that new buyer is going to have to take on.  Call me 208-340-8399 for the scoop on what going on with it.  However,  foreclosed homes with 10 acres of land don’t come on the market in Boise, so this might be the opportunity you have been looking for.  $650,000  MLS Details Listed by: Advent REO Boise Real Estate – Acreage Bown Crossing Short Sale Walk to dinner in Bown Crossing, or get on the green belt right outside your door in this Bown Crossing single level short sale. 2 bed, 2 bath.  Home last sold for $430,000, now it’s a short sale asking $$325,000. Ideal for the low maintenance lifestyle. Click Here To See MLS Listed by: Group One East Boise Real Estate NE Boise – BANK OWNED 4 Bedroom, 2709 sqft, quiet cul-de-sac, on Haines street.  This new bank owned home in Boise is priced at $385,000. Vacant, easy to show. Call Mike at 340-8399 to schedule showing Here is the MLS details Listed By: Coldwell Banker Tomlinson East Boise Real Estate SEARCH MORE HOMES Search More Boise Real Estate : No Sign In Req.   Know Someone Who Would Enjoy These Emails or Needs Help Finding A Great Home?Have them give me a call. My cell (208) 340-8399

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Presented by Mike Turner

I have 3 financial workshop classes scheduled in May.  Follow this link for more info and to RSVP.
http://www.eventbrite.com/org/3622774137?s=13760703

As you know I am a real estate agent, but also someone who is extremely passionate about helping people succeed.  I keep finding myself spending more and more time helping clients understand money and how to best make it work for them so they can reach their goals.

I have spent many years studying and watching what works and what doesn’t work with regard to Money, Mortgage, Savings, etc.  When I discuss these insights with clients they are very appreciative, so I have decided to share this knowledge on a greater scale.

I have 3 workshops scheduled so far and I am really hoping you will attend one of them. All are free. This is my passion, I have poured many late nights putting this information together and really believe I can help everyone who attends improve their financial future. Knowledge is power.

Topics Covered:

** How to pay off a mortgage in 10 years or less without refinancing
** A 20 step cash flow allocation analysis designed to reduce monthly expenses by 25% to 40% without sacrificing their lifestyle.
** Tax reduction strategies for the average family.
** And, much, much more!

Please forward this info to any friends or family you think would like to attend as well. There is nothing being sold or pushed in this workshop, just strait up goodinformation. Thank you!

Register Here
http://www.eventbrite.com/org/3622774137?s=13760703

P.S.  The workshops next month are 3 different locations, so you can choose what works best for you 
May 7, 6:30-8pm  Pioneer Title in Boise
May 14, 7-8:30pm  LeapFox Learning Center in Meridian
May 21, 6:30-8pm Born To Succeed in West Boise (This event is at a Pre-School – my two girls attend this school)

However, with the recent elections, not everyone is so sure how the next few years are going to work for the nation’s economy. It is safe to say that even though the housing market is finally improving, America is not out of the woods from this latest recession and we have a growing debt issue that still needs to be addressed.

Since the housing market plays such a huge role in overall economic health, the nation needs a thriving real estate market to have a shot at climbing out of the hole it’s in. Which begs the question:

How much could the housing market possibly improve with the poor job market, high unemployment and the tight lending market?

My answer to this question today is: Second Chance Homebuyers.

Before I explain who second chance homebuyers are, let’s first review the housing bubble. The real estate market went on steroids between 2004 and the summer of 2006. Some markets saw home prices increase over 40% in less than 2 years. Depending on your local market, home prices peaked in areas about 2006-2007. Everyone knew there was a price correction coming, and real estate began to sputter and see some signs of increasingly fewer buyers. Fall of 2008 came and the stock market took a major hit and sealed the fate for housing for the next 5 years. 2009 was the first year we saw massive amounts of defaults on mortgages. Most markets saw a peak in mortgage defaults in 2010, then even fewer defaults in 2011, and now in 2012 the vast majority of markets have seen a major reduction in homeowners entering the foreclosure process. 2013 is on pace to be at near pre-bubble levels of the amount of homeowners defaulting on their mortgage.

The important detail from this housing recession is to note that 2010 appears to be the peak year when the most homeowners lost their homes to foreclosure or did a short sale with their lender to sell the home. That peak was almost 3 years ago.

Now back to those second chance homebuyers.

A second chance homebuyer is a homebuyer who has previously lost their home to foreclosure or short sale, and is now getting approved to purchase a home again. Many of them only have to wait 2-3 years before they can re-qualify for a home loan, and not just any home loan but good loans that only require 3.5% down; and–if rates stay similar–a chance to get in below 4%.

One of the most common home loans in America is called an FHA loan. If a homeowner lost their home to foreclosure or short sale, they only have to wait 3 years from the date of the sale or the date of when the home transferred back to the bank. The wait is only 2 years for a VA loan.

2013 is 3 years from the peak of when most people lost their home to foreclosure. It is not hard to qualify for an FHA loan and therefore, I expect to see a new wave of homebuyers impact the market over the next few years. Lenders are already approving new loans for these buyers.

We all know people who have lost their homes to foreclosure, who have had to rent a home the last few years. Most of those I speak to are very anxious to get back into homeownership. Rental prices are significantly higher than they were a few years ago, and in many markets it is cheaper to own than it is to rent.

Second chance homebuyers will begin to have a huge impact on the housing market over the next few years. They represent a big segment of our population and will help keep the housing sales strong despite a sputtering economy.

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So let me get to the question at hand: Do I think the housing market will suffer with the election results?

Over the last 4 year I have had many tell me that if Obama was re-elected, they would not make any major purchases (like a home) or take any more chances with their businesses or investments because they were convinced the economy would come to a screeching halt.

The funny thing is, I remember after George W. Bush was reelected, the number of people in disbelief that he was voted in a second time and extremely worried where the country was heading. However, after that election, most people who didn’t vote for Bush eventually got on with their lives, careers and ambitions.

America has shown that it is very resilient, and does well at keeping on, even when times are tough. Yes, the country still has huge problems to deal with, most notably the growing debt crisis. But there have always been and always will be different crises affecting our nation. How quickly or how effectively we deal with them has a lot to do with whom we elect as leaders, but history has shown we do get through them.

It is no secret that I typically look for the positive in any situation; hence most people label me an optimist. It is not hard to obtain that label when, in comparison, media and others giving opinions often look for the negatives in any situation, sadly because it is more interesting and captivating.

About a year ago, I made it very public that my local real estate market–Boise, Idaho–was showing all the signs that it was going to have a double-digit price increase in 2012. Nearly 99% of the reaction I got was that I was being overly optimistic and out of my mind to think we would see an increase of more than 3-4% in home prices.

Halfway through the year, real estate agents in Boise started seeing firsthand that a double-digit price increase for the local market was not only likely, but probable.

From my experience and observations with the housing market, I feel it tends to move like a big ship at sea. It takes a lot for the ship to change direction; it is no skiff that can turn on a dime. Changes in the housing market are slower and more predictable than other markets. People often talk about the housing bubble and how when it burst, it was fast and painful. It was painful, but it wasn’t fast. In the Boise real estate market during the “bubble period,” house prices increased 50% in a 2-year period, then took close to 5 years to lose those gains. Meaning the bubble didn’t burst…it got a leak.

Now we see prices in the Boise market moving back in a positive direction. This is true nationally for over 90% of the local markets. Most places are seeing a small improvement over last year, 1-5% is typical, with a few places like Boise and Phoenix which have seen 10-20+% price increases over last year.

The point is that the ship has already turned, and it changed direction well before the election results were in. The housing market is being fueled by its extreme affordability and now the threat that affordability will soon go away if home prices continue to rise. The herd mentality is already in effect. I predict we’ll see home price gains in the U.S. for the next 4 years, and I was predicting that no matter who was elected President.

Mike Turner is the a Boise real estate agent, radio host of the “Boise Real Estate Show” on KRBX and the owner of Front Street Brokers, a residential real estate firm dedicated to providing unparalleled market expertise and support to their clients. To read more of Mike Turner insights on real estate go to http://FrontStreetBrokers.com

Sales volume is a stat that is often over looked but needs to be examined. For example, tracking sales volume helped us figure out in 2009 and 2010 that, even though home sales were increasing across the valley, home prices would likely still fall because the total volume of the dollars sold wasn’t increasing–even with the extra home sales. Likewise, while the sales volume year-to-date in Ada County is currently up 21.1% in dollars sold compared to the same time period in 2011, home sales are up just 7.8%. This gap helps back up the rise we have seen in home prices in the county. For more on this, check out the chart below from hennesseyappraisals.com

Another point I like to make about sales volume is for real estate agents. It is important to note that we are close to 2008 numbers in dollars sold, which is good. 2008 was a decent year except for the 4th quarter in the Boise market; therefore, agents who are expecting some huge rush in their real estate business should stop waiting, it already happened, we are already back to normal levels of home sales. If your business hasn’t increased then you need re-evaluate what you are doing.

Mike Turner is a Real Estate Agent based in Boise, Idaho, host of the Boise Real Estate Radio Show, and owner of Front Street Brokers, a firm specializing in luxury home sales and investments

Eligible applicants are Idahoans who lost their home to foreclosures between Jan 1^st, 2008 and Dec 31^st 2012. However, it only includes borrowers who loans were serviced by these five national banks: Ally/GMAC, Citi, JPMorgan Chase and Wells Fargo. The settlement requires the banks to compensate customers for loan-servicing errors that may have led to customers losing their homes to foreclosure.

Idaho Attorney General, Lawrence Wasden said, “This payment is not intended to compensate Idahoans for the loss of their homes. Rather, it is a step toward accountability for unfair business practices that harmed Idaho homeowners.”

The minimum that qualified foreclosed homeowners will receive is $840. That number could be higher, depending on how many borrowers mail back their payment applications or apply on online by Jan 17, 2013.

Wondering if you are one who qualifies? Eligibility factors include: Borrowers who lost their home to foreclosure (not short sales) between 2008 and 2011 with loans owned by Ally/GMAC, Citi, JPMorgan Chase and Wells Fargo. Many of these loans are owned by Fannie Mae and Freddie Mac but are serviced by the five national banks involved in this settlement.

Loans owned by Fannie Mae or Freddie Mac are not impacted by this settlement. Visit the following websites to learn if a loan is owned by either Fannie Mae or Freddie Mac: http://www.fanniemae.com/loanlookup , http://www.freddiemac.com/mymortgage.

The five participating servicers have currently identified 12,207 Idahoans who lost their homes to foreclosure while attempting to negotiate a modification or other loss mitigation option.

Idahoans who believe they maybe eligible but did not receive a claims packet should contact the settlement administrator at 866-430-8358 or fill out this online form at: http://www.ag.idaho.gov/onlineForms/paymentEligibilityForm.htm

This settlement also helps Idaho borrowers who have not lost their home to foreclosure by providing financial options including first and second lien modifications, forbearances for unemployed borrowers, deficiency judgment waivers, short sale assistance, and homeowner transition payments. Detailed information about each program, the eligibility requirements, and the application process is available here http://nationalforeclosuresettlement.com.

As part of this settlement, borrowers who are current on their mortgage but have negative equity preventing their ability to refinance may be eligible to refinance their loan with the current historically low rates.

Idaho borrowers who are eligible for the loan modification or refinance are to be contacted by their mortgage servicer; however, borrowers can contact the mortgage service directly:

 Ally/GMAC: 800-766-4622

 Bank of America: 877-488-7814

 Citi: 866-272-4749

 JPMorgan Chase: 866-372-6901

 Wells Fargo: 800-288-3212

The Idaho Attorney General also is warning all homeowners to be aware of settlement-related scams. Never provide personal information or pay money to anyone who calls or e-mails you claiming they can provide settlement-related assistance. Idaho homeowners should report suspicious settlement-related activities to the Attorney General’s Consumer Protection Division at 208-334-2424.

Mike Turner is a Real Estate Agent based in Boise, Idaho, host of the Boise Real Estate Radio show, and Owner of Front Street Brokers, a firm specializing in luxury home sales and investments

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Boise, Idaho leads the nation for many economic reasons, including significant improvements in their unemployment rate, job growth in construction, shrinking foreclosure inventory, and large gains in home prices over the past year.

Here is the ranking chart from Corelogic:

The silver lining in this study is that the all the cities mentioned had markets most severely effected by the housing crash. And while the list is not of the strongest housing markets, they are all the most improved. Market improvement means that the market has begun to reverse itself–and for places like Boise, recovery is happening much faster than economists predicted–helping more homeowners regain lost equity.  For buyers who have purchase a property in Boise over the last couple of years, it means that your investment is not only holding value but showings signs that appreciation is finally on the horizon.

So why and how is Boise leading the pack in real estate recovery? Well, much like the local football team, the Boise State Broncos, Boise is accustomed to being the underdog.  And being the underdog, it doesn’t take much to get national attention when you achieve something great unexpectedly.

Paralleling the national headlines made by the Boise State Broncos for the last 5-6 years, the city of Boise has also received numerous national media mentions about how great a place it is to live and work.  Last month, for instance, Boise was named by Forbes as the 2^nd Best City in America to raise a family, and Outside magazine put Boise at the top of their places to live and play (see here and here).

This frequent media attention has helped spread the word about how great Boise is to live, work, and play, and people from all parts of the United States are starting to migrate here.  Many bring their jobs with them, as a large percentage of families relocating to Boise move for lifestyle and work from home.  Boise’s popularity, affordability, and family- and business-friendly environment compared to other regional cities has been a key component in helping the local real estate market bounce back faster than other markets.

With all the positive trends Boise is experiencing right now, it will likely continue to remain on the nations most improved housing markets for years to come.

By Mike Turner – Owner of Front Street Brokers – A Boise real estate company, and editor of the Boise Real Estate Newspaper

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What does this all mean for Ada County’s housing market in the year ahead? Most likely a small but sure increase in home prices, which could be the deciding factor in some homeowners putting their property up for sale. Overall, this–coupled with continued new home building– should help to raise the number of houses sold in 2013 as Boise continues to be one of the nation’s leaders in the housing turnaround.

To view a short video featuring a chart of Ada County new construction and existing home sales for 2012, click here.

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The states with the sharpest declines of market foreclosures are also experiencing the strongest gains in home prices. Arizona and Idaho currently lead the nation in year over year home price increases. Both have experienced double digit gains from 2011.

Taking a close look at the Boise, Idaho real estate market, one can see the grip of foreclosures is no longer dominating the sales of homes. In 2011, approximately half of all homes sold for the year were distressed sales. For 2012 the percentage of total sales that are distressed is now one quarter of all sales. Comparing the first 2 quarters of 2011 with the first 2 quarters of 2012, the Boise market saw a 41% decrease in the supply of distressed inventory, and a 42% decrease in the total number of distressed sales, which has had no small impact on area home prices. Boise metro home prices are up over 20% year to date.

The fear of further setbacks in housing is greatly subdued since all the leading indicators that threaten home prices are diminishing. The rate of new delinquent and severely delinquent mortgages has been dropping steadily according to new data from CoreLogic.

Even the chief economist for CoreLogic, Mark Fleming said, “Home prices are responding positively to reductions in both visible and shadow inventory over the past year. This trend is a bright spot because the decline in shadow inventory translates to fewer distressed sales, which helps sustain price appreciation.”

To see any further decreases in home prices the market would get many early warning signs, such as a swelling of new foreclosures on the market.

Home sales don’t have to increase for home prices to go up, which is good since we are still experiencing a sluggish economy. The low supply of homes and reduced pressure from foreclosures will allow the market to absorb the current supply of foreclosures and even seasonal slow downs.

2012 should prove to be the tipping point for housing, as the majority of housing markets begin their slow assent to modest appreciation patterns. And Boise, Idaho’s market should continue to be one leading the charge.

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We all felt the housing peak (2005). We all felt the painful crash (2009). We all felt the slam into the bottom (Jan. 2011). But have we started to feel the comeback yet? What’s ahead for the Boise real estate market in 2012-13 and beyond?

Using a chart presented in monthly increments, based on the average of the past 6 months, we can see the 3% appreciation in home prices between January of 2002-04.

2012 now shows the new median home price climbing back to $170-180,000 range–a sure sign recovery is happening, and should level out and climb at a slower rate from this point on. And slow but steady is just where we want our real estate market to be!

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