Current Weblogs
There are no blogs in this Group.
Search
Archive
<November 2017>
SunMonTueWedThuFriSat
2930311234
567891011
12131415161718
19202122232425
262728293012
3456789
Monthly
November 2017
October 2017
September 2017
June 2017
April 2017
March 2017
February 2017
January 2017
December 2016
October 2016
September 2016
August 2016
July 2016
June 2016
May 2016
April 2016
March 2016
February 2016
January 2016
November 2015
October 2015
September 2015
August 2015
July 2015
June 2015
May 2015
February 2015
January 2015
December 2014
November 2014
October 2014
September 2014
August 2014
July 2014
June 2014
May 2014
April 2014
March 2014
February 2014
January 2014
December 2013
November 2013
October 2013
September 2013
August 2013
July 2013
June 2013
May 2013
April 2013
March 2013
February 2013
January 2013
December 2012
November 2012
October 2012
September 2012
August 2012
July 2012
June 2012
May 2012
April 2012
March 2012
February 2012
January 2012
December 2011
November 2011
October 2011
September 2011
August 2011
July 2011
June 2011
May 2011
April 2011
March 2011
February 2011
January 2011
December 2010
November 2010
October 2010
September 2010
August 2010
July 2010
June 2010
May 2010
April 2010
March 2010
February 2010
January 2010
December 2009
November 2009
October 2009
September 2009
August 2009
July 2009
June 2009
May 2009
April 2009
March 2009
February 2009
January 2009
December 2008
November 2008
October 2008
September 2008
August 2008
July 2008
June 2008
May 2008
April 2008
March 2008
February 2008
January 2008
December 2007
November 2007
October 2007
September 2007
August 2007
July 2007
June 2007
May 2007
April 2007
March 2007
February 2007
January 2007
December 2006
November 2006
October 2006
September 2006
August 2006
June 2006
May 2006
April 2006
March 2006
October 2005

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
 
Comments (0)
No comments yet, login to post a comment.

Window size: x
Viewport size: x


a division of Keller Williams Realty Boise

Trey Langford

  Email
  (208) 724-9636

Site Search

Our Apps

Boise Idaho Real Estate Group One Sotheby's International Realty

Keller Williams Realty Boise Idaho