Will more houses be available in Boise in 2017?

Many indicators point to an improved housing market—home values are up since 2012, they’re selling faster, and overall demand is high. This recovery has led to a dramatic decrease in the number of houses for sale but there may be some relief from the shortage in sight. The inventory that has been hiding in the shadows for years is finally coming into the light.

Why Is This Inventory Up for Sale? Most would think that with the improved market that the crisis is over, but there are still some old foreclosures in the pipeline that are ready to pour over the dam of legislation and legal delays that have held them back.  

Banks and other lenders are making the final push to flush out homes in the foreclosure pipeline, resulting in a higher surge in repossession and REO listings. This backlog of homes that was created by lengthy judicial reviews and long foreclosure timelines are entering the market in states like New York, Florida, New Jersey, Arkansas and Hawaii and some may be moving to Idaho.

The possibility of new foreclosures in 2017 is also impacting the housing inventory estimates.  Many homeowners may find it difficult to make their mortgage payments as “resets” are rolled out. The government’s Home Affordable Modification Program (HAMP) provided temporary relief to borrowers during the housing crisis, but that relief ended after five years. These payment resets will increase the loan payment for nearly 900,000 homeowners—some of whom will find it difficult to keep up with their mortgage in this sluggish economy.

What’s the Impact?
A backlog of foreclosures are finally available for sale, but there is likely to be a second wave of foreclosed homes since the foreclosure problem wasn’t solved, but delayed. You can expect REO listings and foreclosures to increase in the next coming years. How this impacts the real estate market largely depends on how fast these homes enter the market.

Posted by tlangford at 1/23/2017 7:21:00 PM
 
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