Boise Meridian Eagle Idaho Real Estate - Homes Sales and Boise Investment Properties

Michael Hon, CEO, The Iron Eagle Realty Team Assoc. Broker, Silvercreek RG The Iron Eagle Realty Team is a Full Service Real Estate Company. Our mission is to assist our clients in the successful acquisition and sale of their personal homes and/or investment properties in the Boise Idaho Real Estate Market. We have successfully helped our clients with short sales, investment properties and foreclosed / bank owned properties in the Boise Idaho Real Estate Market.

Friday, January 27, 2012

U.S. growth quickens, but speed bumps ahead

By Lucia Mutikani
WASHINGTON | Fri Jan 27, 2012 12:53pm EST
(Reuters) - The U.S. economy grew at its fastest pace in 1-1/2 years in the fourth quarter of 2011, but a strong rebuilding of stocks by businesses and a slower pace of business spending hinted at softer growth early this year.

U.S. gross domestic product expanded at a 2.8 percent annual rate, the Commerce Department said on Friday, a sharp acceleration from the 1.8 percent clip of the prior three months and the quickest pace since the second quarter of 2010.

It was, however, a touch below economists expectations in a Reuters poll for a 3 percent rate, and two-thirds of rise in output was due to the build-up in business inventories.

Soft underlying demand and a sharp slowing in core inflation supported the Federal Reserve's decision to keep in place an ultra easy monetary policy to nurse the recovery.

"We do not expect growth to accelerate meaningfully from its current pace," said Michelle Girard, a senior economist at RBS in Stamford, Connecticut. She said Fed officials would focused on slack in the economy.

Stocks on Wall Street opened lower as investors worried about the composition of growth, while Treasury debt prices were little changed. The dollar fell against a basket of currencies.

INVENTORIES REBOUND

The economy in the fourth quarter got a temporary boost from the rebuilding of business inventories, which logged the biggest increase since the third quarter of 2010. The buildup followed a third quarter decline that was the first since late 2009.

Excluding inventories, the economy grew at a tepid 0.8 percent rate, a sharp step-down from the prior period's 3.2 percent pace and a sign of weak domestic demand.

The robust stock accumulation suggests the recovery will lose a step in early 2012 as businesses are unlikely to keep building inventories at the same rate.

Growth in business spending on capital goods was the slowest since 2009, a sign the debt crisis in Europe was starting to take its toll and another hint of weakness ahead.

The Fed on Wednesday said it expected to keep interest rates at rock bottom levels at least through late 2014, and Chairman Ben Bernanke said the central bank was mulling further asset purchases to speed the recovery.

The central bank warned the economy still faced big risks, a suggestion the euro zone debt crisis could still hit hard.

"We're still repairing the damage done by the financial crisis. On top of that we face a more challenging world. We have a lot of challenges ahead in the United States," U.S. Treasury Secretary Timothy Geithner said at the World Economic Forum in Davos.

Prospects of sluggish growth could hurt President Barack Obama's chances of re-election in November.

The economy grew 1.7 percent in 2011 after expanding 3 percent the prior year, and the unemployment stood at a still-high 8.5 percent in December.

AUTOS PROP UP CONSUMER SPENDING

Consumer spending, which accounts for about 70 percent of U.S. economic activity, stepped up to a 2 percent rate from the third-quarter's 1.7 percent pace - largely driven by pent-up demand for motor vehicles.

The Japanese earthquake and tsunami had disrupted supplies early last year, leaving showrooms bereft of popular models.

Consumers also benefited from a moderation in inflation.

A price index for personal spending rose at a 0.7 percent rate in the fourth-quarter, the slowest increase in 1-1/2 years, after rising at a 2.3 percent pace in the July-September period.

A core inflation measure, which strips out food and energy costs, increased at a 1.1 percent rate after rising 2.1 percent in the third quarter. The slowdown could concern the Fed, which wants the measure closer to their 2 percent inflation target.

"Clearly, much work remains to achieve the Fed's dual mandate of maximum sustainable employment in the context of price stability," New York Federal Reserve Bank President William Dudley told reporters.

SLUGGISH INCOME GROWTH

High unemployment has led to sluggish income growth, which in turn has prompted households to tap savings and credit cards to fund their purchases.

Still, spending is unlikely to be a drag on growth, given that consumer sentiment is on the mend, as indicated by another report on Friday.

"Though the unemployment rate has improved, the jobs market remains a major challenge. Part of the decline in the unemployment rate is due to the fact that ... people have stopped looking for work," said Adolfo Laurenti, deputy chief economist at Mesirow Financial in Chicago.

"The high level of people out of the workforce and underemployed people show there isn't really much income generation to contribute to a better spending pattern."

A sustained growth pace of at least 3 percent would likely be needed to make noticeable headway in absorbing the unemployed and those who have given up the search for work.

Business spending grew at a sluggish 1.7 percent rate in the fourth quarter, pulling back sharply from the third-quarter's 15.7 percent pace.

Though exports held up, an increase in imports left a trade gap that chipped growth.

Unseasonably mild winter weather helped home construction post its fastest growth pace since the second quarter of 2010, with much of the increase going to meet rising demand for rental apartments.

Government spending shrank for a fifth consecutive quarter, reflecting a large decline in defense and still weak state and local government outlays. A bounceback could support growth at the start of the year.

(Reporting by Lucia Mutikani; Editing by Neil Stempleman and Tim Ahmann)

The Iron Eagle Realty Team's mission is to assist you, our client, in the sale and acquisition of real estate properties in the state of Idaho, specifically the Boise Idaho Real Estate Market. Whether you are buying or selling a home, whether it is a foreclosure, short sale or equity property, we handle our customers and clients with empathy and honest truths so they can make informed decisions as they advance in the process of buying and selling real estate that meet specific needs.

PS: We've Helped More Buyers and Sellers than 99.8% of any Local Realtor

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Regards, Michael Hon, REALTOR®
CEO, The Iron Eagle Realty Team
Associate Broker, Silvercreek Realty Group
Certified Short Sale Specialist®
Investment Property Consultant
Direct: 208.919.0458 Office: 208.939.9033 Fax: 208.514.1422
www.IronEagleRE.com Michael.Hon@IronEagleRE.com

Monday, January 23, 2012

Report: Idaho Workers Missing out on $11,000 a Year

Reposted from Public News Service

January 16, 2012

BOISE, Idaho - Idaho's economy is still far from being healthy, and chronic low wages are part of the problem. Research on the topic is being discussed today at the "Kitchen Table Economics" forum in Boise.

Retired University of Idaho economics professor Stephen Cooke has found that Idahoans earn about $11,000 less per year than the national average, and he says the state should focus on ways to change that, in order to grow the economy.

"What I'm suggesting for a remedy is that, in order to become a high-skilled economy, we need to make investments in research and development, education and infrastructure."

Cooke says higher wages mean more disposable income and more tax revenue, and yet Idaho has been focused on policies that attract low-wage, low-skill jobs, instead of recruiting high-paying jobs.

He says early legislative discussion about cutting taxes to improve the state's economy ignores the underlying problem of the low-skill, low-wage issue, which he calls a trap Idaho has fallen into.

"There's no indication that cutting taxes improves economic development, and in fact just the opposite is true."

He says Idaho's declining job sectors include professional, scientific and technical services, as well as management of companies and enterprises, and mining.

"Kitchen Table Economics" will be held from 6-8 p.m. today in the State Capitol Auditorium. Dr. Cooke will speak at the event.

Deb Courson Smith, Public News Service - ID

The Iron Eagle Realty Team's mission is to assist you, our client, in the sale and acquisition of real estate properties in the state of Idaho, specifically the Boise Idaho Real Estate Market. Whether you are buying or selling a home, whether it is a foreclosure, short sale or equity property, we handle our customers and clients with empathy and honest truths so they can make informed decisions as they advance in the process of buying and selling real estate that meet specific needs.

Thursday, January 19, 2012

REAL ESTATE: Foreclosure activity subsides in December

The December results surprise experts, but they expect the numbers to pick up in 2012 after months of delays
BY LESLIE BERKMAN STAFF WRITER lberkman@pe.com
Published: 12 January 2012 09:59 PM

AText Size
After surging in November, foreclosure activity subsided in Riverside and San Bernardino counties last month.
Some analysts, including those at RealtyTrac, the research company that Wednesday released the year-end housing data, said the December results were surprising. But they continued to predict that after a year of delays due to regulator intervention, a larger wave of foreclosures will hit the U.S. and Inland Southern California in 2012.
“I do expect we will see an increase in foreclosure activity across the country, including the Inland Empire, as (financial institutions) begin foreclosure proceedings on seriously delinquent loans,” said Rick Sharga, who recently was an official at Irvine-based RealtyTrac and now serves as executive vice president of Carrington Holding Co., a mortgage and real estate investment firm.
Other experts counter that given the improving economy, they don’t expect an increase in foreclosures this year. “The economy is getting better, employment is picking up, delinquencies are down. There is nothing that points to any giant wave of foreclosures coming down the pike,” said Chris Thornberg, founding economist with Beacon Economics. He added that although he expects the volume of foreclosures will be lower this year than last, it still will be historically high.
Foreclosure activity in December was subdued by the usual holiday foreclosure moratoriums and snowstorms, said Sharga. But the downturn last month was particularly pronounced, nationally reaching a 49-month low in foreclosure-related filings — including notices of default, trustee sales and bank repossessions.
In Inland Southern California, notices of default, the first step in the foreclosure process, dropped 44 percent from November to December.
“I think we are seeing a little of the calm before the storm,” said Sharga. He believes foreclosures would have increased rather than declined last year if the robo-signing controversy had not disrupted the process, prompting banks to pull back until they could make sure they were in legal compliance.
“There were strong signs in the second half of 2011 that lenders are finally beginning to push through some of the delayed foreclosures in select local markets. We expect that trend to continue this year, boosting foreclosure activity for 2012 higher than it was in 2011, though still below the peak …,” said RealtyTrac executive officer Brandon Moore in a statement.
In Riverside and San Bernardino counties, there were a combined 75,559 foreclosure filings in 2011, which was more than a 25 percent drop from 2010 and 40 percent drop from 2009. Since the foreclosure crisis started in 2007, 175,895 homes have been repossessed by lenders in the two-county region, said RealtyTrac analyst Daren Blomquist. Nationwide the number of bank-repossessed homes has reached 4million.
Chapman University Economist Esmael Adibi said he is not expecting a surge of foreclosure activity this year although he expects it will remain roughly as much of a problem as it was in 2011. If the Inland economy continues to revive at the pace it has in recent months, he said, it will help some people avoid foreclosure and help others purchase bank-repossessed homes that come on the market.
Pete Nyiri, a broker of bank-owned homes in western Riverside and San Bernardino counties, said, “We are seeing multiple offers on single-family homes. Right now we are not begging for buyers. We have plenty.” He said sales could be stronger if he had more homes to sell.

The Iron Eagle Realty Team's mission is to assist you, our client, in the sale and acquisition of real estate properties in the state of Idaho, specifically the Boise Idaho Real Estate Market. Whether you are buying or selling a home, whether it is a foreclosure, short sale or equity property, we handle our customers and clients with empathy and honest truths so they can make informed decisions as they advance in the process of buying and selling real estate that meet specific needs.

Regards, Michael Hon, REALTOR®
CEO, The Iron Eagle Realty Team
Associate Broker, Silvercreek Realty Group
Certified Short Sale Specialist®
Investment Property Consultant
Direct: 208.919.0458 Office: 208.939.9033 Fax: 208.514.1422
www.IronEagleRE.com Michael.Hon@IronEagleRE.com

Monday, January 16, 2012

Housing outlook is more upbeat - USA Today

By Julie Schmit, USA TODAY

Optimism is building that the housing industry is nearing a bottom — finally.

Home sales and home building are forecast to rise this year after sliding steeply the past five years in housing's worst downturn since the Great Depression.
Recovery is expected to be slow, and home prices are widely expected to fall this year. But investors are betting on the start of an upturn, bidding up home builder stocks and causing them to outperform the broader stock market.
Chief executives are more positive. JPMorgan Chase's Jamie Dimon said last week that housing is near its bottom but could stay there a year. Stuart Miller, CEO of home builder Lennar, said the market has started to stabilize because of low prices and record-low interest rates.
Market researcher RBC Capital Markets has also turned from a "bearish" view on housing to saying that 2012 "will mark a step in the right direction."

Many economists expect home prices to fall more this year because of foreclosures and other properties sold at very low prices.
As foreclosures pick up this year, "prices will drop," says Stan Humphries, Zillow chief economist. He says home prices won't bottom until later in 2012 or next year.
On average, prices have fallen by about a third since 2006.
"This year will feel a lot better to builders, investors and real estate agents than to consumers," says Jed Kolko, economist for real estate website Trulia.
Housing's outlook is brightening with signs of a better economy. Last month, U.S. employers added 200,000 jobs, and the unemployment rate fell to 8.5%, lowest in nearly three years.
While an economic shock could derail progress, "there's now more evidence of improvement in the economy, and housing will follow the economy," says David Crowe, chief economist at the National Association of Home Builders. More improvement is expected for:

•Sales. Existing home sales will rise 12% this year after a 2% increase last year, and new home sales, coming off a horrid year, will jump 74% this year, Moody's Analytics predicts.
November's existing home sales hit their highest mark in 10 months, and new home sales were the year's second best, IHS Global Insight says.

•Construction. Single-family housing starts will rise 37% this year, Moody's predicts, after falling 9% last year.

Home builder stocks are on a run. The S&P 1500 homebuilding index is up 38% since mid-October, vs. 7% for the S&P 500.

The Iron Eagle Realty Team's mission is to assist you, our client, in the sale and acquisition of real estate properties in the state of Idaho, specifically the Boise Idaho Real Estate Market. Whether you are buying or selling a home, whether it is a foreclosure, short sale or equity property, we handle our customers and clients with empathy and honest truths so they can make informed decisions as they advance in the process of buying and selling real estate that meet specific needs.

Friday, January 13, 2012

Non-Distressed Property Prices 30 Pct Less than Distressed Since Market Peak

An interesting repost from LoanRateUpdate

January 13, 2012 (Chris Moore)

Home prices continued to follow normal seasonal trends in November, falling another 1.4 percent from the previous month according to CoreLogic’s November Home Price Index (HPI). November’s price decline follows a 1.3 percent decline in October and is the fourth consecutive month that home prices have fallen.

Including distressed property sales, home prices in November were 4.3 percent lower than in November of last year. It was the first monthly increase in year-over-year prices since April. This follows a revised decline in annual home prices of 3.7 percent in October which had been part of a seven month streak in which year-over-year home prices declined in each successive month.

In September, the year-over-year price difference, including distressed properties, was -3.8 percent, in August it was -4.4 percent, in July it was -4.8 percent, in June it was -6.0 percent, in May it was -7.4 percent and in April the annual price difference was -7.5 percent.

The impact that distressed property sales have had on housing prices since the beginning of the housing crisis has been significant. In November, the difference in year-over-year prices would have only been 0.6 percent lower if distressed property sales were excluded.

Since the market peak in April 2006, home prices have declined 32.8 percent when including distressed property sales and when excluding distressed property sales, home prices have dropped 23.1 percent since the market peak, a difference of 29.5 percent.

CoreLogic defines distressed property sales as short sales and real estate owned (REO) transactions.

Mark Fleming, chief economist for CoreLogic, stated, “With one month of data left to report, it appears that the healthy, non-distressed market will be very modestly down in 2011. Distressed sales continue to put downward pressure on prices, and is a factor that must be addressed in 2012 for a housing recovery to become a reality.”

Seventy-seven out of the top 100 Core Based Statistical Areas (CBSAs) experienced year-over-year price declines in November, which was three less than the revised amount reported in October.

The five states with the highest year-over-year (YOY) appreciation including distressed sales were: Vermont (+4.3 percent), South Carolina (+2.8 percent), District of Columbia (+2.1 percent), Nebraska (+1.9 percent) and New York (+1.7 percent). In October, those states were: West Virginia (+4.8 percent), South Dakota (+3.1 percent), New York (+3.0 percent), District of Columbia (+2.4 percent) and Alaska (+2.1 percent).

The five states with the greatest YOY depreciation including distressed sales were: Nevada (-11.2 percent), Illinois (-9.7 percent), Minnesota (-7.8 percent), Georgia (-7.7 percent) and Ohio (-7.2 percent). In October, those states were Nevada (-12.1 percent), Illinois (-9.4 percent), Arizona (-8.1 percent), Minnesota (-7.9 percent) and Georgia (-7.3 percent).

The five states with the highest YOY appreciation excluding distressed sales were: Maine (+4.9 percent), South Carolina (+4.9 percent), Montana (+3.8 percent), Indiana (+3.3 percent) and Louisiana (+2.4 percent). In October, those states were: South Carolina (+4.6 percent), Maine (+3.1 percent), New York (+3.1 percent), Alaska (+2.9 percent) and Kansas (+2.8 percent).

The five states with the greatest YOY depreciation excluding distressed sales were: Nevada (-8.8 percent), Arizona (-4.9 percent), Minnesota (-4.7 percent), Idaho (-4.1 percent) and Georgia (-3.6 percent). In October, those states were: Nevada (-8.8 percent), Arizona (-7.0 percent), Minnesota (-5.7 percent), Delaware (-3.9 percent) and Georgia (-3.6 percent).

The Iron Eagle Realty Team's mission is to assist you, our client, in the sale and acquisition of real estate properties in the state of Idaho, specifically the Boise Idaho Real Estate Market. Whether you are buying or selling a home, whether it is a foreclosure, short sale or equity property, we handle our customers and clients with empathy and honest truths so they can make informed decisions as they advance in the process of buying and selling real estate that meet specific needs.

Thursday, January 05, 2012

Many homeowners are unaware of how foreclosure, loan modification and short sale affect their credit score in Idaho? Here are some approximate rules of thumb but each homeowners situation is is different so these are not in concrete.

Overview on affect on credit:

Foreclosure - A foreclosure can drop scores from 50-250 points and what is really interesting is the difference on the loss of points depends on how much you have to lose, for example, if someone has a 750 credit score, they could drop 250 points but someone with a 600 score may only lose 100 points for the same thing. If a deficiency judgment or tax lien is filed in connection with a foreclosure, credit scores can drop an additional 100 points. It may be 5 - 7 years before you can acquire another home loan.

Short sale

Paid as agreed won't hurt score as long as payments were kept current.
Unrated may drop a few points in addition to the drop because of the lates.
Paid settlement may drop the score by 50-125 points in addition to lates.
Charge off with a collectible balance may drop 100-150 in addition to lates, in this instance scores will not start to recover until the charged off balance is paid.
Judgment for deficiency amount - if lender files a judgment in addition to the charge off-scores can drop an additional 100 points from this, most severe impact on scores and credit.
It may be 2 - 3 years before you can acquire another home loan.

Deed in Lieu

Paid as agreed - scores will have already dropped about 100 points due to default in payments, but if this is reported, the borrower will be able to purchase another home in a shorter period of time.
Paid settlement - credit can drop 75/100 points in addition to the delinquent payments.
Foreclosure - scores drop 100-150 points in addition to the delinquent payments.
It may be 2 - 3 years before you can acquire another home loan. Most lenders want you to short sale your home first before they will consider you for a deed in lieu.

Loan Modification

Lenders may report it as an "account in partial payment plan", this can drop someone's scores by as much as 150 points in addition to lates. So it is important to make every effort to negotiate with the lender on how they will report: Not to report it in a partial payment plan. Remove any lates incurred during the waiting period of when the request for loan modification was made to the time of completion. Document every move they make, phone calls, etc. on their efforts to remain current on their payment.

We hope this helps you in making the right decision for you and your family. Please call us at 208 939 9033 if you need any further assistance.

The Iron Eagle Realty Team's mission is to assist you, our client, in the sale and acquisition of real estate properties in the state of Idaho, specifically the Boise Idaho Real Estate Market. Whether you are buying or selling a home, whether it is a foreclosure, short sale or equity property, we handle our customers and clients with empathy and honest truths so they can make informed decisions as they advance in the process of buying and selling real estate that meet specific needs.

Wednesday, December 21, 2011

Treasure Valley foreclosure rates fall again

The Idaho Statesman

Treasure Valley foreclosures in September dropped slightly to 2.58 percent of mortgage loans from 3.26 percent in that month last year, according to CoreLogic, which tracks real estate trends nationwide.Foreclosure activity in Boise and Nampa is lower than the national average, which was 3.48 percent for September.The mortgage delinquency rate also decreased in the Valley. CoreLogic data show that 6.01 percent of mortgage loans are 90 days or more delinquent, compared with 7.76 percent for the same period last year, representing a decrease of 1.75 percentage points.Vally foreclosure rates have fallen every month since they reached a high of 3.57 percent in December 2010.

Read more here: http://www.idahostatesman.com/2011/12/13/1915272/treasure-valley-foreclosure-rates.html#storylink=cpy

The Iron Eagle Realty Team's mission is to assist you, our client, in the sale and acquisition of real estate properties in the state of Idaho, specifically the Boise Idaho Real Estate Market. Whether you are buying or selling a home, whether it is a foreclosure, short sale or equity property, we handle our customers and clients with empathy and honest truths so they can make informed decisions as they advance in the process of buying and selling real estate that meet specific needs.

Friday, December 02, 2011

Short Sale Agent Update: HAFA Process Improvements

Bank of America is making a process change that will reduce cycle time and improve customer service for many short sales that are submitted with an offer.

The change goes into effect Dec. 1, 2011, and impacts all short sales submitted with an offer in which the homeowner is eligible for the Home Affordable Foreclosure Alternative (HAFA) program.

When a short sale is submitted with an offer and the homeowner is HAFA eligible, we will no longer halt work on the file while waiting to contact the homeowner. HAFA eligible homeowners are no longer required to call our Short Sale Customer Care to indicate whether they will participate in the program.
Instead, real estate agents can indicate a homeowner's HAFA interest by submitting the necessary documents to Equator within 14 days. During that 14-day window, the short sale will continue moving forward. By the end of the 14 days, if we have not received the requested HAFA documents, we will continue to process the file as a traditional short sale.

This change is being made because we are transitioning the processing of all HAFA short sales with an offer from our outsourced vendor partners to Bank of America associates. A Bank of America specialist will be able to seamlessly transition a file from our traditional process to the HAFA process, thus improving customer service and the agent experience. Our outsourced vendor partners will, however, continue to process all short sales submitted without an offer.

Action required:
· Short sales initiated on Equator.com that receive a HAFA eligibility message no longer require homeowners to call Customer Care to confirm their interest.
· If homeowners wish to participate in HAFA, agents must submit the requested documents within 14 days. (Note: the 14-day period begins the day the HAFA solicitation letter is mailed to the homeowner. Agents can obtain the date of the letter from homeowner.)

· If you are unclear about which documents to submit, contact your short sale specialist via Equator messaging.

Additional Recommendations:
· Help your homeowners understand the benefits a HAFA short sale, including the relocation incentive at closing. Review the agent HAFA education guide to learn more.

· Provide the Bank of America HAFA Eligibility FAQ to interested homeowners.

· Direct homeowners to contact Customer Care at 1.866.880.1232 if they have questions.

Visit the Agent Resource Center at bankofamerica.com/realestateagent for educational guides, news and resources to help agents complete a short sale at Bank of America.

The Iron Eagle Realty Team's mission is to assist you, our client, in the sale and acquisition of real estate properties in the state of Idaho, specifically the Boise Idaho Real Estate Market. Whether you are buying or selling a home, whether it is a foreclosure, short sale or equity property, we handle our customers and clients with empathy and honest truths so they can make informed decisions as they advance in the process of buying and selling real estate that meet specific needs.

Wednesday, November 09, 2011

Help for Idaho

There are many homeowners who are late on their mortgages due to a variety of reasons. Some of them have been lulled into a loan modification offered by their lenders. Usually, the loan modification path is very frustrating and leads to a denial even after several attempts. I have included some links below that may be helpful for those attempting a loan modification.

Bank of America - Loan Modifications
Wells Fargo - Loan Modifications
Citimortgage - Loan Modifications
Chase - Loan Modifications
Fannie Mae - Loan Modifications
Freddie Mac - Loan Modifications

Unfortunately, the odds are stacked against you in obtaining a loan modification. Banks are in the business of collecting money, not modifying loans. They either want the money or your home.

If you have truly exhausted all your means of paying your mortgage and you have been denied a loan modification once, twice or even three times, the best solution may be a short sale. Here are links to shot sale information from the top four lenders.

Making Home Affordable
Bank of America Short Sale Information
Wells Fargo Short Sale Information
Citimortgage Short Sale Information
Chase Short Sale Information

We hope this information help. Stayed tuned for our new website, http://www.HelpForIdaho.org.

The Iron Eagle Realty Team's mission is to assist you, our client, in the sale and acquisition of real estate properties in the state of Idaho, specifically the Boise Idaho Real Estate Market. Whether you are buying or selling a home, whether it is a foreclosure, short sale or equity property, we handle our customers and clients with empathy and honest truths so they can make informed decisions as they advance in the process of buying and selling real estate that meet specific needs.

Sunday, November 06, 2011

Idaho Foreclosure Information - Foreclosure Help - Are You in Foreclosure?

Thank you for taking the time out to watch this video

The severe economic downturn that we as a nation have experienced over the last few years has caused many homeowners to default on their mortgage payment. You may be one of them.

Although banks may seem like they are trying to help you by offering a potential loan modification, in reality less than 10 percent of those attempting a loan modification actually succeed. In reality, banks are in the business of collecting money, they don’t benefit by modifying your loan terms.

If you are about to stop paying your mortgage, or have stopped paying or are in foreclosure, The Iron Eagle Realty Team can help.

A foreclosure will stay on your credit report for up to 7 years. This will have an adverse affect on your credit, severely limiting your ability to obtain a loan, credit cards, and potentially employment. In addition, your bank may even pursue you for the deficiency on your loan after they foreclose.

We have helped many homeowners avoid foreclosure, minimize the effect on their credit, negotiate to eliminate the banks right to pursue them for the deficiency in the future and assisted with eliminating any tax consequences. Best of all, this help comes with no upfront costs to you.

If you are interested in a no-cost consultation, please call us at 208 939 9033 or email us at info@ironeaglere.com. We look forward to helping you avoid foreclosure.

The Iron Eagle Realty Team's mission is to assist you, our client, in the sale and acquisition of real estate properties in the state of Idaho, specifically the Boise Idaho Real Estate Market. Whether you are buying or selling a home, whether it is a foreclosure, short sale or equity property, we handle our customers and clients with empathy and honest truths so they can make informed decisions as they advance in the process of buying and selling real estate that meet specific needs.

Thursday, November 03, 2011

Big Four Set to Participate in HARP 2.0

Here's an article from DSNews about the new HARP program. Another government sponsored debacle waiting to happen paid for by you and me!

Big Four Set to Participate in HARP 2.0
10/27/2011 BY: CARRIE BAY

The industry’s four largest mortgage servicers all say they will be taking part in the revamped Home Affordable Refinance Program (HARP).

Bank of America, Chase, Citigroup, and Wells Fargo have each expressed their support of the program and the changes that will allow more underwater homeowners to refinance at today’s lower interest rates.
Government officials expect the program’s revisions – particularly the GSEs’ waiver on representations and warranties – to increase competition for mortgage refinancing.
An executive with JPMorgan Chase told the company’s investors this week that HARP 2.0 will facilitate “cross-servicing refinancing” because with the rep and warranty waiver, the new lender is not required to assume responsibility for underwriting deficiencies that may have occurred with the original loan.
Chase explains that HARP may be used to replace an adjustable-rate or interest-only loan with a standard fixed interest rate loan, and typically reduces the borrower’s monthly payment.
Frank Bisignano, CEO of mortgage banking at Chase, estimates that with the new HARP guidelines, thousands of Chase customers could lower their mortgage payments by an average of $2,500 a year.
Citi said in an emailed statement that it “supports the program and expects to participate.”
Wells Fargo, likewise, said in a statement that it “welcomes the addition of the new HARP features.”

Veronica Clemons, a spokesperson for Wells Fargo Home Mortgage, says the company is waiting for specific guidelines and requirements from Fannie Mae and Freddie Mac in order to put the changes into practice.
She adds that once the company’s mortgage servicing team has the guidelines in hand, “it will take us some time – depending on the complexity of the guidelines – to make the necessary systems changes to begin offering the new enhancements to our customers.”
The GSEs’ regulator, the Federal Housing Finance Agency (FHFA), says Fannie and Freddie plan to issue guidance with operational details about the HARP changes by November 15th.
“Since industry participation in HARP is not mandatory, implementation schedules will vary as individual lenders, mortgage insurers, and other market participants modify their processes,” FHFA said.
Bank of America says it will participate in the enhanced Home Affordable Refinance Program announced by the administration, and it expects the new guidelines and eligibility criteria to go into effect after December 1st.
“Despite ongoing economic challenges, nearly 90 percent of our customers remain current on their mortgage,” BofA spokesperson Rick Simon said. “HARP helps these homeowners who remain current on their mortgage with options to lower their monthly payment when, otherwise, conventional funding options are limited.”
The GSEs have removed the 125 percent loan-to-value (LTV) cap under the program. Now any borrower with an LTV ratio above 80 percent is eligible for a HARP refinance, as long as the loan was sold to Fannie or Freddie prior to May 31, 2009, and the borrower is not delinquent on their payments.
Since HARP was launched in 2009, nearly 900,000 loans have been refinanced through the program. Government officials estimate that an additional 1 million homeowners will receive assistance under the new guidelines.
In its announcement of the program changes, FHFA encouraged borrowers to “contact their existing lender or any other mortgage lender offering HARP refinances.”

The Iron Eagle Realty Team's mission is to assist you, our client, in the sale and acquisition of real estate properties in the state of Idaho, specifically the Boise Idaho Real Estate Market. Whether you are buying or selling a home, whether it is a foreclosure, short sale or equity property, we handle our customers and clients with empathy and honest truths so they can make informed decisions as they advance in the process of buying and selling real estate that meet specific needs.

Tuesday, October 25, 2011

Another Short Sale Successfully Closed - 9296 W Chelan, Garden City, ID

The Iron Eagle Realty Team successfully closes another short sale in the Boise Idaho Real Estate market. If you are interested in more information regarding short sales and wanting to avoid foreclosure, please call us at 208 939 9033 or go to our website at http://www.ironeaglere.com.

The Iron Eagle Realty Team's mission is to assist you, our client, in the sale and acquisition of real estate properties in the state of Idaho, specifically the Boise Idaho Real Estate Market. Whether you are buying or selling a home, whether it is a foreclosure, short sale or equity property, we handle our customers and clients with empathy and honest truths so they can make informed decisions as they advance in the process of buying and selling real estate that meet specific needs.

Thursday, October 20, 2011

Great Time to Buy Real Estate Investments

Great article from UPI.com. Winners and losers in every market.

Landlords Welcome Strategic Defaulters
Published: Oct. 19, 2011
By Steve Cook Real Estate Economy Watch

A new survey of former homeowners who have walked away from their homes found that their credit was good enough after foreclosure for the vast majority to rent new housing and few were required to make a larger than normal deposit.

YouWalkAway.com, which counsels troubled buyers to strategically default, found that owners and managers of rental properties regard the influx of renters in the market due to the housing market meltdown as a boon, and many are willing to accept potential renters even if they do not have credit scores as high as landlords previously would have required.

Some 81 percent of foreclosed owners were able to rent and 8 percent were even able to buy a new property already despite their credit history. Only 13 percent experienced some problems renting and 18 percent said they had to put down a larger than normal deposit in order to get a leases. Most were living in smaller quarters than when they were homeowners.

"Rental applicants with a foreclosure are now accepted with the proper documentation," said Tony A. Drost, president of the National Association of Property Managers and owner of First Rate Property Management in Boise, Idaho. "In fact, a former homeowner with a foreclosure is one of the best tenants. They know how to keep up and care for the home since they have previously cared for one."

John Bradford, owner of Park Avenue Properties in North Carolina, said, "We are seeing a slight increase in applicants with foreclosures, and our owners are typically open to renting to those applicants. Poor credit, caused by a foreclosure, has very little to do with having overall good citizenship, and if the other credit history is reasonable outside the foreclosure, then the applicant should be considered, possibly with other requirements like an additional month's deposit. In the end, a credit score is just one factor in a balanced score card approach."

Miost of the former owners would like to become homeowners again, despite their experiences. Some 56 percent said they would buy a house again, 38 percent within the next five years. By renting, 58 percent said they are saving 30 percent or more in housing costs.

The Iron Eagle Realty Team's mission is to assist you, our client, in the sale and acquisition of real estate properties in the state of Idaho, specifically the Boise Idaho Real Estate Market. Whether you are buying or selling a home, whether it is a foreclosure, short sale or equity property, we handle our customers and clients with empathy and honest truths so they can make informed decisions as they advance in the process of buying and selling real estate that meet specific needs.

Tuesday, October 18, 2011

It's a seller's real estate market in Boise

It's a seller's real estate market in Boise
Real Estate Market Report
BY GILBERT MOHTES-CHAN, TUESDAY, OCTOBER 11, 2011.
Inman News™

Metro Boise home sales in August jumped 30.7 percent on a year-over-year basis, to 1,180 properties, amid a seller's market. Even so, home prices continue to sag under the weight of distressed properties across the region. Short sales and bank-owned properties account for nearly half of all home sales.
At the same time, more than a third of homes with mortgages were underwater in the second quarter of 2011, according to CoreLogic, a real estate research firm.
This report highlights real estate market statistics and trends in the Boise metro area and includes a chart with detailed market data and commentary from local real estate professionals.
Overview
The average August sales price of an existing home in the greater Boise region fell 3.8 percent compared to a year ago, to $149,095, according to statistics from the Intermountain Multiple Listing Service.
Home prices are squeezed by a glut of distressed properties across the Treasure Valley -- which includes Idaho's two largest cities, Boise and Nampa. The result: Home values have fallen more than 36 percent since peaking in 2007, according to an August economic report by Moody's Analytics.
Real estate experts say a below-average level of for-sale inventory has created a seller's market. In Ada County, for example, the number of homes available for sale dropped below 2,500 for the first time since March 2006.
In a separate report, Re/Max reported that August home sales climbed 25.4 percent year over year, to 1,016 transactions, while the median sales price fell 7.3 percent from a year ago, to $125,000. However, the median price is up 4.2 percent from July.
Local data can differ because of differences in methodology, including housing types and geographic coverage. Despite the different methodologies, there often are parallels between percentage changes over time.
The Boise region is comprised of five counties and of two major and distinct housing markets: Ada County, anchored by the city of Boise; and Canyon County, whose largest city is Nampa. As the state capital and hub for commerce, the city of Boise is by far the state's largest economic driver.
For Ada County, August existing-home sales climbed 43 percent from a year ago, to 605 transactions, according to the Ada County Association of Realtors. While the median sales price dropped 7 percent year over year in August, to $156,000, that price is the highest so far in 2011. For-sale homes spent an average of 81 days on the market in August, down from 90 days a year ago.
In Canyon County, August sales rose 11.5 percent on a year-over-year basis, to 258, according to the Intermountain MLS. The median sales price fell 13.1 percent compared to August 2010, to $76,000. For-sale homes spent an average of 78 days on the market in August 2011, up slightly from 74 during the same month last year.
"The average and median prices have started to rise while inventory continues to fall," said Greg Manship, CEO for the Intermountain MLS.
Like many fast-growing communities hit hard by the real estate downtown, a backlog of distressed properties is hampering the Boise housing market.
"We have so many of those short sales clogging up the marketplace. The short sales tend to be 10 to 25 percent less (in value)," said Darrin Jaszkowiak, owner and associate broker for Re/Max West.
On the positive side, distressed properties in Ada County made up 45 percent of total sales in August, compared with 57 percent in January.
Indeed, August foreclosure activity in Ada County tumbled 35.2 percent from a year earlier, to 628 properties in some stage of foreclosure -- or 1 in every 250 housing units -- RealtyTrac said. In Canyon County, foreclosures plunged 43.9 percent year over year, to 397 -- or 1 in every 173 units.
Regionally, "the distressed market has fallen from a high of about 59 percent this year to about 44 percent this year," Manship said.
During the second quarter, 34.8 percent of homes with mortgages (45,278) in the Boise region were underwater, meaning the borrowers owed more on their mortgages than their homes were worth, according to CoreLogic.
Another 5.7 percent, or 7,354 homes with mortgages, were near negative equity. Overall, Idaho ranked ninth nationally with 23 percent of mortgages upside down.
In 2010, lenders repossessed 11,289 homes (1 in every 21 units) in the Boise City-Nampa area, a 2.5 percent increase from the previous year and an eye-popping 108.5 percent surge from 2008, RealtyTrac reported.
Last year, Boise ranked 20th among top U.S. metro areas in foreclosure rates, while the state ranked eighth nationally.
Re/Max pegged Boise's current active inventory in August at nearly 3,872 properties, down 65.4 percent from a year ago. In the past year, days on the market increased 6 percent compared to August 2010, to 88 days.
Intermountain MLS reported total for-sale listings in August dropped 14.7 percent year over year, to 1,674, while the average days on the market for for-sale properties dropped 4.5 percent.
"There's a shortage of inventory. Properties that are pretty well priced can sell quickly," Jaszkowiak said. He said homeowners aren't selling because of two factors: Either they are underwater with their mortgages or they're skittish about the economy.
Other real estate experts cite the collapse of new-home building in the past several years. Only now is new-home construction starting to pick up.
Economists and real estate experts said they believe the local housing market will see a marked improvement as the inventory of distressed properties diminishes and the local economy recovers.
Moody's Analytics predicts home prices will bottom out this year and then steadily rise each year, to $168,500 by 2015, a 25.4 percent increase from 2011.

Known for its potatoes, picturesque rural setting and highly touted recreational activities, including skiing and whitewater rafting, Idaho has been one of the fastest-growing states in the nation in recent decades.
Indeed, the Boise region saw a 92 percent surge in population growth from 1990 to 2010. Personal incomes also doubled over that same period.
New-home "construction was fast and furious and demand was even faster. Our numbers went way up over $250,000 and that couldn't be sustained," said Marc Lebowitz, executive director of the Ada County Association of Realtors. Communities to the west of Ada County were hurt more by the real estate downturn.
An economic rebound could be on the horizon. Boise is positioned for "slightly better than average" growth in 2012, Moody's Analytics predicts.
"The strong performance of health care and other consumer-driven service industries will drive the near-term recovery as the drag from housing lessens. Longer term, (Boise) must transition away from tech manufacturing for stability," wrote Moody's analyst Tim Daigle.
Over the next three years, Boise's population is projected to reach 710,000, up 15 percent from 2010. The majority of newcomers are forecast to arrive from Southern California and the Phoenix area, experts say. In its annual rankings this summer, RelocateAmerica named Boise the eighth best U.S. city to live in.
Boise should benefit from its low cost of living and pro-business climate. An April 2011 Moody's Analytics report lists Boise's cost of living at 96 percent of the U.S. average, while the cost of doing business was 78 percent of the national average.
Its employment growth ranked in the top quarter of the country and is predicted to rise to 84th out of 392 U.S. regions within four years. Its per capita income ranks at 85 percent of the U.S. average.
"I see unemployment being the key factor to the (housing) recovery. We have so many people who are underemployed or worried about keeping their jobs. They are hesitant about buying," Jaszkowiak said.
Lebowitz said new leadership and strategy at the Boise Valley Economic Partnership -- the region's chief business development group -- is starting to pay off. In the past, the group focused on recruiting large companies with huge payrolls. Today, officials are targeting smaller employers that could create several hundred hew jobs.
"We have pulled in two to three employers to the valley with 200 jobs," Lebowitz said. "We have passed recovery into moderate growth."

Boise metro area data

Population (2010)	616,651
Population growth (2000-10)	32.6%
Total closed sales (2010)	9,154
% change closed sales (2009-10)	11.5%
% change closed sales (August 2011 vs. August 2010)	30.7%
Sales per person (2010)	1 in 67 people
Average sales price (August 2010)	$149,095
% change average sales price (August 2011 vs. August 2010)	-3.8%
Foreclosure activity rate (August 2011)	1 in 220 units
% of sales distressed (2010)	about 50%
% homes affordable to median-income households	82.5%
% unemployment (August 2011, not seasonally adjusted)	9.0%
Walk Score	44

Sources: U.S. Bureau of Labor Statistics, Intermountain MLS, Ada County Association of Realtors, RealtyTrac, Walk Score, National Association of Home Builders/Wells Fargo, U.S. Census Bureau.

Sam Strickler/Shutterstock

The Iron Eagle Realty Team's mission is to assist you, our client, in the sale and acquisition of real estate properties in the state of Idaho, specifically the Boise Idaho Real Estate Market. Whether you are buying or selling a home, whether it is a foreclosure, short sale or equity property, we handle our customers and clients with empathy and honest truths so they can make informed decisions as they advance in the process of buying and selling real estate that meet specific needs.

The Iron Eagle Realty Team and Guild Mortgage, Boise Idaho Short Sale Rescue

Dennise Sandquist from Guild Mortgage rescues ANOTHER Short Sale Deal for The Iron Eagle Realty Team at the last minute.

The Iron Eagle Realty Team's mission is to assist you, our client, in the sale and acquisition of real estate properties in the state of Idaho, specifically the Boise Idaho Real Estate Market. Whether you are buying or selling a home, whether it is a foreclosure, short sale or equity property, we handle our customers and clients with empathy and honest truths so they can make informed decisions as they advance in the process of buying and selling real estate that meet specific needs.