The Boise housing market is facing some challenges as rising interest rates and other economic factors continue to affect homebuilders. According to the National Association of Home Builders, 62% of builders nationwide are using incentives to encourage people to buy their homes. However, due to inflation and price cuts, there may not be much room for further price cuts. Builder confidence has also fallen to its lowest level since 2012, and the chief economist does not expect a recovery until 2024.
One of the biggest impacts of the rising interest rates is the potential for a foreclosure wave to hit Treasure Valley. According to ATTOM, foreclosure starts are up 64% from a year ago, and early payment defaults have been rising among FHA borrowers, reaching levels above pre-pandemic levels according to Black Knight. Additionally, Academy Mortgage recently agreed to pay $38.5 million to resolve allegations that it violated the U.S. False Claims Act by improperly issuing mortgages insured by the Federal Housing Administration.
If you’re considering buying a foreclosure in Boise, it’s important to understand the terms and conditions of a foreclosure sale and to consult with a real estate professional before making any decisions. As a buyer, you hold the equitable title but not the legal title, meaning that the seller who was foreclosed on still has the right of redemption for 180 days. This means that they retain legal title until the 181st day.
At Good News Realty Group LLC, located in Boise Idaho, we understand the challenges facing the housing market and are here to provide answers to your questions about buying or selling real estate in Idaho. If you have any questions or concerns, don’t hesitate to reach out to us by phone at 208-800-9073, email at info@goodnewsrealtygroup.com, or through our website at www.goodnewsrealtygroup.com. We are always ready to help you navigate the housing market and find the right home for you.
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