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.
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!'"