Boise Realty Store Blog

2010 Statistics

2011-01-25T12:45:00.003-07:00

Ada County 2010 Year over Year Statistics

Canyon County 2010 Year over Year Statistics

Canyon County 2010 Statistics By Quarter

2011-01-25T11:10:00.000-07:00

Quarter 1 : Canyon 2010 Quarterly Statistics

Quarter 2 : Canyon 2010 Quarterly Statistics

Quarter 3 : Canyon 2010 Quarterly Statistics

Quarter 4 : Canyon 2010 Quarterly Statistics

Canyon County 2010 Statistics By Month

2011-01-25T11:06:00.000-07:00

January

February

March

April

May

June

July

August

September

October

November

December

Ada County 2010 Statistics By Quarter

2011-01-25T11:03:00.000-07:00

Quarter 1 : Ada 2010 Quarterly Statistics

Quarter 2: Ada 2010 Quarterly Statistics

Quarter 3: Ada 2010 Quartlery Statistics

Quarter 4: Ada 2010 Quartlery Statistics

Ada County 2010 Statistics By Month

2011-01-25T09:50:00.000-07:00

January

February

March

April

May

June

July

August

September

October

November

December

August 2010 Real Estate Newsletter

2010-08-26T09:39:00.000-06:00

August 25, 2010

BoiseRealtyStore.com launches a new website with upgraded features and more information for you!

This new website gives a lot more flexibility in your searching by allowing you to create your own searches, save properties to your favorites, and access virtual tours, maps, street views, and mortgage calculators. The new site is http://kasey.boisemeridianrealestate.com/. I would love if you would visit the site and test out the “Search” tab. If you like what you see, click on the “Sign In” button on the top right corner of the page and then choose “Click to Register”. Once you’ve registered and done your initial search, I can create an e-alert for you that will send you automatic updates anytime a new listing that matches your criteria comes on the market. These alerts will be similar to the ones you currently receive from me or have received from me in the past but will be easier to scroll through and will be linked back to my website so you can save them to your favorites, ask questions about them online, etc.

I think you will find this website to be very helpful and user friendly, so I hope you will check it out. If you have any problems registering or searching for properties, let me know. Also, please give me feedback on which method you like better for searching. If you like receiving listings the way you have been, I can keep sending them to you that way. But, if you like the new site better, I can turn off your old search and just let you use the new one.

I look forward to hearing from you and getting your thoughts on the site. Thanks for your time!

From the ACAR Water Cooler

2010-08-25T09:21:00.001-06:00

After The Tax Credit – What’s Next For Our Housing Recovery?
Posted on August 11, 2010. Filed under: Market Update,Uncategorized

FHA Changes Part 2

2010-08-17T09:48:00.001-06:00

Last week, FHA Commissioner David H. Stevens announced plans for implementing FHA’s new mortgage insurance premium structure.

FHA will make the premium fee changes on all new case numbers effective October 4, 2010.

FHA will lower its upfront premium simultaneously with

the increase to the annual premium. FHA’s upfront mortgage insurance premium will be adjusted down to 100 basis points on all amortization terms and the annual mortgage insurance premium will increase to 85-90 basis points on amortization terms greater than 15 years.

Here’s what it means to the borrower;

Purchasing a $150,000 home;

Currently, the Upfront Funding fee cost the borrower 2.25% = $3,256, which is added to the loan. The monthly cost is .50% = $62 per month.

The Change, the Upfront Funding fee will cost the borrower 1.00% = $1,447, which is added to the loan. The monthly cost will be $110 per month.

PROS:

The borrower will finance less in funding fee for the term of the loan.

CONS:

The borrower will have a higher monthly payment thus lowering the amount of home they will purchase by $7-$8K.

The higher monthly payments will offset the lower upfront fee in a 3 year period and then will be a higher cost to the borrower until 78% Loan to Value is reached.

Information couresty of:
Ricky Catalano
Mortgage Loan Officer
776 E Riverside Dr Ste 100
Eagle, ID 83616
Office: (208) 938-6600
Mobile: (208) 440-9967
Fax: (208) 938-5749

FHA Changes Coming Up

2010-08-16T14:41:00.000-06:00

Watch this Video

July 2010 Real Estate Newsletter

2010-07-20T19:20:00.002-06:00

July 20, 2010

Tax Credit Closing Date Extended

**This does NOT mean that anybody who got into contract after April 30th, 2010 will be eligible for the tax credit. It simply means that those properties that were put into contract by the April 30th deadline have longer than June 30th to close. According to the IRS website:

Updated July 6, 2010, for changes to the deadline for closing on home purchases.

Legislation enacted in July 2010 extended the closing deadline from June 30 to Sept. 30, 2010, for eligible homebuyers. Legislative changes in November 2009 expanded and extended the credit and also added documentation requirements for claiming the credit. Due to increased compliance checks by the IRS, failure to submit documentation will slow down the issuance of any applicable refund.

See IRS Website for more info here.

2010 Market Stats

**Ada County 2010 Stats by Month

**Ada County 2010 Stats by Quarter

**Canyon County 2010 Stats by Month

**Canyon County 2010 Stats by Quarter

CBH Homes - How to Clean Bathroom Drain

2010-07-16T14:17:00.000-06:00

CBH Homes - How to Caulk Your Bathroom Floor

2010-07-15T14:15:00.000-06:00

CBH Homes - How to Change Smoke Alarm Battery

2010-07-14T14:15:00.000-06:00

Meridian Makes the List - In a Good Way

2010-07-13T10:22:00.000-06:00

10 Best Towns for Families: 2010

Meridian, Idaho

Population: 45,295
Median Income: $66,888
Median Home Price: $177,000
Households with Children: 47%
Student/Teacher Ratio: 20:1
Great Schools Rating: 7

The population has quadrupled in the last decade, but for Debbie and Mark Bennett that just means there's more Meridian to love. "It's still a place where people value a low-key, no-fuss lifestyle," says Mark, 54, a real estate agent. "Everything is comfortable here."

See full article here...

IHFA Announces New Homebuer Tax Credit Program

2010-07-12T10:20:00.000-06:00

IdaMortgage.com, brought to you by Idaho Housing and Finance Association, announces new Homebuyer Tax Credit Program. This program could save your clients more than $10,000 over a ten-year period!

New Homebuyer Tax Credit Program:

- Income tax credit of up to 20% of the mortgage interest paid each year for the first ten years; maximum of $2,000 per year
- Can be used with IdaMortgage loan products
- First-time homebuyer requirements apply
- $500 fee from borrower
- Available for a limited time only
- Can be used to help borrowers qualify

To learn more about this exciting new program, please visit www.IdaMortgage.com or contact us at 1-800-219-2285.

Information courtesty of Ada County Association of Realtors.

NAR Market Watch

2010-07-05T13:15:00.000-06:00

2010 1st Quarter

2010-07-02T15:42:00.000-06:00

Have a fun and safe weekend!

Tax Credit Extension Update

2010-07-01T16:01:00.000-06:00

After a close brush with the deadline, Congress has passed the Homebuyer Assistance and Improvement Act (H.R. 5623). The extension applies only to transactions that have ratified contracts in place as of April 30, 2010 that have not yet closed. The legislation is designed to create a seamless extension the new closing deadline for eligible transactions is now September 30, 2010. There is will be no gap between June 30 and the date the President signs the bill into law.

Information Courtesy of Ada County Association of REALTORS.

What's New With The Tax Credit Extension?

2010-06-30T07:30:00.000-06:00

Here is a news article from the Wall Street Journal about the Home Buyer Tax Credit Closing Extension, which so far has been part of a bill that was voted down, but looks like recently was brought to the House as a stand alone bill.

Congress Appears Unlikely to Extend Tax Credit Closing Deadline
By Nick Timiraos
The Wall Street Journal,June 29, 2010, 8:30 AM ET

And hear is the new latest from Inman News...things continue to change daily so keep coming back for updated info:

House OKs extension of tax credit closing deadline
Senate could vote Wednesday
By Inman News, Tuesday, June 29, 2010.
Inman News

June Real Estate Newsletter

2010-06-29T15:44:00.000-06:00

June 18, 2010

Tax Credit Closing Date May Be Extended
**This does NOT mean that the tax credit has been extended or that anybody who got into contract after April 30th, 2010 will be eligible for the tax credit. It simply means that those properties that were put into contract by the April 30th deadline may have longer than June 30th to close, possibly even out to September. See article here.

A Buyer's Quick Guide to Short Sales
**John gives a brief overview of what buyers should look for in an agent representing them in a short sale, what to expect and how to have all your ducks in a row.
Part 1 - Preapproval
Part 2 - Decide if you have the patience that will be required of you as a buyer of a short sale
Part 3 - Make sure that your buyer's agent is on board with the short sale process
Part 4 - Writing the offer
Part 5 - Approval and closing

See Quick Guide and other short sale information here.

CBH Homes on YouTube with Home Maintenance Tips
**CBH Homes has a series of YouTube videos describing how to fix, maintain, set, etc all kinds of things in a home. Of course they are going to be focusing on CBH homes and the products in such homes, but I think it will be helpful for everyone even if you don't have a CBH home. I will be periodically adding them to my blog. For now, here are a few that I've posted.

-How to set sprinkler timer
-How to clear a garbage disposal
-How to change a furnace filter

ListingBook!
**Listingbook is a program that helps us work together in finding a property that fits your needs. If you haven't done so yet and would like to sign up for a (free) Listing Book Account click on this link and fill out the "Search Like an Agent" form on the right hand side (phone number isn't required). If I have sent you an invitation, all you have to do is confirm the invitation. If I sent you an invitation and you disregarded it because you didn't know what it was, let me know and I can send you a new one. Here's a brochure that explains it further.

Home Buyer Tax Credit Extension Fails

2010-06-28T17:38:00.000-06:00

I have heard rumors that this amendment could still be put in a different bill and voted to approve retroactively. But as it stands now, those of you that are in contract as of April 30th but still haven't close better get it done by Wednesday or you may be out of luck.

Homebuyers tax credit extension fails
by Associated Press
Published: June 28,2010
Time posted: 8:54 am
Tags: Real Estate

A Senate jobless aid bill that included an amendment extending the homebuyers tax credit until September 30 failed to pass the Senate on June 24.

The vote was 57-41, three short of the 60 needed to beat a Republican filibuster.

The bill, H.R. 4123, included an amendment allowing homebuyers a three-month extension on the tax credit, allowing them until September 30 to close on a home. But the extension only applied to buyers who signed purchasing contracts before the original April 30 deadline.

The bill would have provided repeat homebuyers a $6,500 tax credit and first time homebuyers a $8,000 tax credit.

Last week, the U.S. Census Bureau and the U.S. Department of Housing and Urban Development announced home sales fell 53 percent in May for the 13 western states of the U.S. Nationally, home sales dropped 33 percent over the same time period.

Information courtesy of Idaho Business Review

CBH Homes - How to Change a Furnace Filter

2010-06-18T13:35:00.000-06:00

Tax Credit Closing Date May Be Extended

2010-06-17T14:11:00.002-06:00

This does not mean that the tax credit will be extended, it simply means that those properties that were put into contract by the April 30th deadline may have longer than June 30th to close.

Here is a USA Today article about it.

FHA 203K Loan Requirements

2010-06-16T12:26:00.001-06:00

In a 203k transaction the client must be qualified for the purchase price, plus repairs plus a 15% repair overage account.

Example:
$100,000.00 Purchase Price
$ 25,000.00 Repairs
$ 3,750.00 Cost Overrun Account (Any unused funds will result in a principle reduction.)
$128,750.00 Initial Loan Amount (Plus Up Front MI if financed)

This Rehab loan has a 60 day turn time. (This is from the time that I get the complete application and all supporting income, asset and down payment funds documentation); so from accepted offer to close is at least 75 days.

Some key requirements for FHA203k:
· Must be owner occupied.
· 45% Max DTI
· Minimum of $5,000.00 repairs.
· Subject to FHA County max total loan amounts (Ada $303,750.00)
· Can be used for Purchase or Refinance.
· Work will not begin until loan is funded.
· Work must be completed within 180 days of funding.
· All work must be performed by a licensed contractor (Not the homeowner)
· All work will require 2 bids from a licensed contractor

Please call me with any additional questions.

Information couresty of:
Ricky Catalano
Mortgage Loan Officer
776 E Riverside Dr Ste 100
Eagle, ID 83616
Office: (208) 938-6600
Mobile: (208) 440-9967
Fax: (208) 938-5749

Loan Quality Initiative from Fannie Mae

2010-06-15T12:20:00.000-06:00

Fannie Mae’s new Loan Quality Initiative (LQI) mandates become effective on June 1, 2010, and this will definitely curtail borrowers’ spending before their home closings. The June 1 changes are part of a new effort by mortgage giant Fannie Mae to cut down on slipshod underwriting by lenders and frauds by borrowers. Fannie's so-called "loan quality initiative" will require lenders not only to pull two credit reports for each mortgage transaction but to perform additional verifications of borrower occupancy plans for the property, Social Security numbers and Individual Taxpayer Identification Numbers, among other changes. These last minute credit checks could result in a closing delay, pricing adjustment, or, worst, loan approval cancellation.

The last-minute credit report will be designed to find out whether a borrower has obtained — or even shopped for — new debt between the date of the loan application and the closing. If borrowers have made applications for credit of any type — for furnishings and appliances for the new house, a car, landscaping, a home equity line, a new credit card — the closing could be put on hold pending additional research by the lender.

Information couresty of:
Ricky Catalano
Mortgage Loan Officer
776 E Riverside Dr Ste 100
Eagle, ID 83616
Office: (208) 938-6600
Mobile: (208) 440-9967
Fax: (208) 938-5749