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The Elements That Lead To The Boise Idaho Real Estate Dilemma!
Saturday, 06 February 2010 08:56 | Written by Gavin J. King |
Foreclosures are a part of every market these days, but 2009 ravaged the Boise Idaho real estate market so savagely that just fewer than 1 in 20 homes were foreclosed upon. The fact that Boise has had a year over year increase in foreclosures of 103%, besting the previous record of 2008, putting Boise atop the nations list of highest foreclosure rates. Finding your city among the top 24 most troubled real estate markets in the nation has too many homeowners reviewing the limited options that are out there. Given that the unemployment rate in the region is a constant 10.1%, and there is no scheduled company moving in, it may take a while to turn this market around.
Foreclosures are a part of every market these days, but 2009 ravaged the Boise Idaho real estate market so savagely that just fewer than 1 in 20 homes were foreclosed upon. The fact that Boise has had a year over year increase in foreclosures of 103%, besting the previous record of 2008, putting Boise atop the nations list of highest foreclosure rates. Finding your city among the top 24 most troubled real estate markets in the nation has too many homeowners reviewing the limited options that are out there. Given that the unemployment rate in the region is a constant 10.1%, and there is no scheduled company moving in, it may take a while to turn this market around.
The condition of the Boise Idaho real estate market has been a product of several key ingredients. Its population has more than doubled since 1980, and its market has diversified over the past half century. With a growing technology industry, local mega-corporation, Micron Technology employees the most people of all local businesses.
As in many Western cities, the Boise Idaho real estate market place was quite unpredictable throughout the boom. Home prices increased about 80% during the boom, from about 150k to about 260k during the peak years of the boom, according to the Wells Fargo NAHB Index. Since then selling prices have decreased more than 32%.
The resident economist at Boise State University, Christine Loucks indicates that there were two main contributing factors in the foreclosure problems now plaguing the Boise Idaho real estate market, which included speculative investments and a huge economic slowdown. As more and more people move into an area, the demand for housing increases pushing speculative investment more to the forefront.
Residents were left to sort out the inflation in the market, when speculators left town after the market peaked and started declining. Many flippers were caught in the downswing and forfeited their homes. Job losses also began to mount. High tech jobs went through a serious round of layoffs with about 2000 Micron employees and hundreds of HP workers losing their jobs, increasing the misery index on the Boise Idaho real estate market.
Residential construction has just stopped, according to a local economist. When you look at the big picture, the Boise Idaho real estate market has experienced all of the highs and lows of the rest of the larger real estate markets in the west.
by GavinJ.King
Foreclosures are a part of every market these days, but 2009 ravaged the Boise Idaho real estate market so savagely that just fewer than 1 in 20 homes were foreclosed upon. The fact that Boise has had a year over year increase in foreclosures of 103%, besting the previous record of 2008, putting Boise atop the nations list of highest foreclosure rates. Finding your city among the top 24 most troubled real estate markets in the nation has too many homeowners reviewing the limited options that are out there. Given that the unemployment rate in the region is a constant 10.1%, and there is no scheduled company moving in, it may take a while to turn this market around.
The condition of the Boise Idaho real estate market has been a product of several key ingredients. Its population has more than doubled since 1980, and its market has diversified over the past half century. With a growing technology industry, local mega-corporation, Micron Technology employees the most people of all local businesses.
As in many Western cities, the Boise Idaho real estate market place was quite unpredictable throughout the boom. Home prices increased about 80% during the boom, from about 150k to about 260k during the peak years of the boom, according to the Wells Fargo NAHB Index. Since then selling prices have decreased more than 32%.
The resident economist at Boise State University, Christine Loucks indicates that there were two main contributing factors in the foreclosure problems now plaguing the Boise Idaho real estate market, which included speculative investments and a huge economic slowdown. As more and more people move into an area, the demand for housing increases pushing speculative investment more to the forefront.
Residents were left to sort out the inflation in the market, when speculators left town after the market peaked and started declining. Many flippers were caught in the downswing and forfeited their homes. Job losses also began to mount. High tech jobs went through a serious round of layoffs with about 2000 Micron employees and hundreds of HP workers losing their jobs, increasing the misery index on the Boise Idaho real estate market.
Residential construction has just stopped, according to a local economist. When you look at the big picture, the Boise Idaho real estate market has experienced all of the highs and lows of the rest of the larger real estate markets in the west.
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