Real Estate Foreclosures Are Up In 2008
Back in 2005 and 2006 Boise experienced a considerable spike in the real estate market. As homes sold, property values and prices went up. Lenders appeared to be granting home loans to anyone that wanted one. Homes were being bought with subprime mortgage loans with little or no money down by individuals with less than perfect credit and reports say that over 13% of these homeowners are now in arrears. For home buyers with good credit using prime loans the percentage is significantly less.
2008 Boise real estate market appears to be in a state of flux right now. Some areas tend to be holding their market value while others are not. Foreclosures are much more available than in recent years. Nevertheless banks and real estate are tightening up for the time being but if you have been around you know that the real estate market experiences fluctuations.
Buying a home in the Boise area even though the housing market is down can still be a good long-term investment. Equip yourself with knowledge and don’t leverage yourself, financially, to thin so you can handle fluctuations in the economy.
