When the idea for a planned community north of Eagle first came about in 2002, the housing market was strong. But final approval for the 35 square mile project known as Avimordidn’t come until 2008. By then, home sales in the Treasure Valley had tanked.
Nearly every seat at the Ada County Association of Realtors classroom is taken during a recent training session. The 50 people in attendance are here to become realtors. ACAR director and class teacher Marc Lebowitz says as the Treasure Valley's housing market picks up, more people are signing up to become realtors.
“We’re going to go over so much stuff today, it’s going to make your head spin,” Lebowitz tells the class.
New home construction in the Treasure Valley was hit hard when the housing bubble burst. Despite increased home sales since, homebuilding remains mostly stagnant. This subdivision near Eagle is one area where new homes are getting built.
The Boise housing market is coming off the strongest sales period the region has seen since before the housing bubble burst in 2008. Low interest rates and relatively low demand helped drive home values higher this summer.
Idaho is one of five states that saw housing prices climb by more than 12 percent from the first quarter of 2012 to the first quarter of 2013.
In Idaho, home prices are up 15.1 percent over the first quarter of last year. But as the State Economic Monitor from the Tax Policy Institute points out, Idaho is among states that saw the sharpest decline in home prices during the recession.
Homeowners, credit intact, still making their monthly mortgage payments. They’re not who we think of first when we think of the damage brought on by the housing crisis. But in a sprawling, master-planned southwest Boise subdivision called Charter Pointe, they’re a group that has struggled.
Before the recession hit, the sawmill in the North Idaho town of Laclede was known for its reliability. It had never seen a shutdown, not in Steve Spletstoser’s nearly 30 years of working there. Then came 2008.
It was really eye-opening to see,” Spletstoser says. “Your livelihood is hanging in the balance.” Day after day, the mill cut lumber, and day after day it piled up. Very little left the lot.
The housing market in the Northwest is finally showing signs of recovery. But there’s one sector of real estate that never let up during the economic downturn. Real estate agents who sell what’s known as “survival realty” are experiencing boom times.
Boise home values have improved by nearly five percent from their post-recession low. That’s enough of an increase that a recent Brookings Institution report ranks the city first for its house price recovery. StateImpactreported that finding early this week.
There’s something unusual happening in Boise. While national figures show that the housing recovery is slow, at best, Boise is one of a few U.S. cities that have seen a fast run-up in demand, and prices. Continue reading...
Boise’s local NBC affiliate, KTVB, reported on a handful of recent rankings that put Idaho’s biggest city among those whose housing markets are making a come-back. The TV station (and one of the recent rankings) use the term “boomtown” to describe what’s going on with Boise real estate.
Idaho was hit hard in the housing crash. For the better part of three years, the state’s foreclosure rate was one of the highest in the nation. The Boise area saw the worst of it. That means it’s been a while since this scene played out with any kind of regularity.
Lynne Smith pushes open the door of the home she’ll move into in just a couple of weeks. "This is it!" she says. "It’s just nice to come in and look around and say, 'Oh, this is going to be my house!'"
Home prices continue to fall in much of the Northwest. New figures released Tuesday show yet another drop in both Seattle and Portland.
The S&P/Case-Schiller Index measures housing prices in 20 large metropolitan areas around the country. The newest figures are through January and in them, both Seattle and Portland hit new lows for the current economic downturn. Average home prices in both cities are down about four percent from a year ago.
Steve Thoele is an agent with Keller-Williams Realty in Portland. He blogs about housing trends in Oregon.