Boise Idaho Commercial and Investment Real Estate

The Iron Eagle Realty Team, licensed with Silvercreek Realty Group in Idaho 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 short sale homes and investment real estate as well as find them the best deals in foreclosed / bank owned properties in the Boise Idaho Real Estate Market.

Thursday, October 4, 2012

Five Questions: Why Home Prices Are Rising

By Nick Timiraos
The Wall Street Journal
Home prices through July posted their largest year-to-date rise since 2005, according to the S&P/Case-Shiller index covering 20 major metropolitan areas.

Prices rose by 5.9% from the end of last year, according to the index, compared with a 0.4% gain for the same period last year and a 2.1% gain in 2010, when tax credits fueled a burst of home sales activity.

Are price gains limited to one segment of the market—say, foreclosed properties?

Not really. Data from real-estate firm CoreLogic show that the increases are being felt across all segments of the market. Overall median home prices in August were up by 12% from one year ago, as are median prices of existing homes that aren’t distressed sales.

Median prices of bank-owned foreclosures were up by 3%, while median prices were flat on short sales, where banks approve the sale of a house for less than the mortgage-debt that’s owed. Median prices of new homes, meanwhile, are up by 6%.

There are still a lot of foreclosures. How could prices be rising?

While foreclosures are still high by historic standards, the share of bank-owned foreclosures that are selling is down sharply over the past few years. Listings of foreclosed properties are down by 24% from one year ago and by more than 45% from two years ago.

While sales of foreclosed properties, which typically sell at a discount, have fallen by about 20% from one year ago, sales of traditional homes are up by 16% from one year ago, according to Ivy Zelman, chief executive at research firm Zelman & Associates. Prices, then, are rising not only because supplies of homes for sale are down, but demand is up.

Are banks strategically holding properties off of the market?

There’s little evidence that banks have seen an increase of marketable, or ready-for-sale, foreclosed properties sitting on their books. It’s true that there are still millions of properties that are in the foreclosure process or where borrowers have missed a couple of mortgage payments, and it’s unclear when or how aggressively banks will move those properties through the foreclosure process. In many cases, lenders and other mortgage companies that handle foreclosures have struggled to meet certain state requirements governing foreclosures. But the actual volumes of foreclosed properties that are sitting on banks books are down by around 24% from one year ago.

How large is the shadow inventory?

Overall, the “shadow inventory” of potential foreclosures is down by around 500,000 from the beginning of the year. Zelman & Associates put its estimate of shadow inventory that exceeds the typical level at around 2.9 million properties.

More In Shadow Inventory

Shadow inventory, however, is falling more slowly than expected, according to estimates from Zelman, because banks have been taking longer to process foreclosures and less successful at completing loan modifications. Zelman now expects shadow inventory to remain steady this year before falling by 20% to 2.3 million by the end of next year. Earlier estimates had put shadow inventory at 2.6 million and 1.8 million units at the end of this year and next, respectively.

Are home prices going to fall further?

Home prices typically strengthen during the seasonally strong spring and summer months, when there are more people shopping for homes. They weaken in the fall and winter. The key, then, is to monitor the year-over-year change in home prices. Prices in July were 1.2% above their year-ago levels, according to Case-Shiller, with 16 of 20 cities posting year-over-year increases.

If banks continue to push more foreclosure alternatives at a measured pace and if housing demand remains at its current levels, then “home prices are easily past their bottom and are approaching the self-reinforcing portion of the cycle,” wrote Ms. Zelman in a recent report.

The biggest risks to her forecast, she says, are weakness in job growth and the broader economy and tighter credit standards brought on by forthcoming mortgage regulations.

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
Click Here to Search 24/7 for The Best Real Estate Deals in Boise!Click Here to Download Our Free "Selling Your Home" Pre-Listing Plan! Click Here to Pre-Qualify for a Loan Online!
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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, September 24, 2012

Fully Leased Fourplex in Boise ID

Michael Hon - Associate Broker, Silvercreek Realty Group | CEO, The Iron Eagle Realty Team | (208) 939-9033

578 S Workland Ln, Boise, ID

Fully Leased Fourplex, Like New - Central Boise

9+BR/8BA Multi-Family, 4 units

offered at $294,500

Year Built	1994
Sq Footage	3,856
Bedrooms	9+
Bathrooms	8 full, 0 partial
Floors	2
Parking	4+ Car garage
Lot Size	.1 acres
HOA/Maint	$250 per month

DESCRIPTION

Fully Rented Fourplex in the heart of Central Boise. 3 Bedroom and 2 Bedroom units. Immaculate inside and out. Covered parking for each unit and a One Car Garage/Storage Unit for extra income. HOA maintains common area; landscaping, etc. Use your own property manager or manage yourself. Location close to the Mall, I84, shopping, employment, etc. Large units, easily rented. Email info@ironeaglere.com for a Pro-Forma. BTVA

see additional photos below

PROPERTY FEATURES

- Living room	- Refrigerator	- Stove/Oven
- Yard	- Central A/C	- Central heat
- Covered parking

OTHER SPECIAL FEATURES

- Always Rented

ADDITIONAL PHOTOS

Photo 1	Photo 2
Photo 3	Photo 4
Photo 5	Photo 6

Contact info:

Michael Hon - Associate Broker, Silvercreek Realty Group

CEO, The Iron Eagle Realty Team

AB29680

(208) 939-9033

For sale by agent/broker

Posted: Sep 6, 2012, 6:39am PDT

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, August 21, 2012

REO inventories drop even as banks hold on to them longer

Foreclosure starts drop in Arizona, Nevada, Oregon
BY INMAN NEWS, WEDNESDAY, AUGUST 15, 2012.
Inman News®

Inventories of bank-owned properties fell year over year across four Western states in July even as lenders took longer to get those properties off their books, according to the latest report from real estate data company ForeclosureRadar.

The report covers foreclosure trends in California, Arizona, Nevada, Washington and Oregon. Of the five states, only Oregon did not see its bank-owned inventory drop last month.

In California, the number of homes repossessed by lenders but not yet resold, known as bank-owned or real estate owned (REO) inventory, was down 36.4 percent to 66,000 properties last month. Banks sold REOs in 283 days on average, up from 232 days in July 2011. By contrast, homes bought by third parties at auction, usually investors, were resold in an average 138 days, up from 128 days a year ago.

Nonetheless, there are some signs the pipeline of foreclosures in the Golden State is speeding up a bit. Foreclosure starts rose 12.3 percent year over year in July to 21,175. The average number of days between the initial notice of default and the end of the foreclosure process (with the property either sold to a third party or repossessed by the bank) was 276 days last month (equivalent to about nine months), down from 310 days (about 10 months) a year ago.

Among the California homes in the foreclosure process whose fates were decided in July, most (10,398) experienced a cancellation of the process due to a successful loan modification or short sale, among other possible reasons. The number of properties that went back to the bank as REOs declined 54.2 percent on an annual basis to 4,512. Foreclosure sales to third parties fell 6.6 percent to 3,269.

In Arizona, foreclosure starts fell 28.2 percent year over year in July, to 4,433. Foreclosure cancellations were down 4.4 percent annually, to 3,575. The number of properties that went back to the bank as REOs decreased 33.8 percent year over year, to 2,191. Those sold to third parties rose 3 percent on an annual basis, to 1,630.

Arizona's REO inventory fell 38.1 percent last month, to 14,784. While the time to foreclose declined to an average 136 days from 175 days in July 2011, the time between when the bank took back the property and the property was resold rose a whopping 64.9 percent, to an average 244 days in July. Third parties resold properties in less than half that time, 107 days, up from 94 days a year ago.

Foreclosure activity in Nevada has slowed to a trickle, likely as a result of a Nevada state law that went into effect in October designed to crack down on documentation irregularities by foreclosing lenders.

In July, Nevada foreclosure starts were down 61.8 percent, to 1,618, compared with 4,235 a year ago. Foreclosure cancellations were down to 800, a nearly 60 percent drop from July 2011, but the number of properties becoming REOs dropped even more precipitously, 77.8 percent, to only 394 properties. The number of properties sold to third parties on the courthouse steps fell 34.4 percent, to 429.

The state's REO inventory was down 63.8 percent to 5,541 in July with the number of homes in the foreclosure pipeline dropping by more than half year over year. It took nearly 46 percent longer to foreclose on a property last month than it did in July 2011: an average of 471 days -- the equivalent of nearly 16 months. Banks also took considerably longer to sell homes once they'd repossessed them -- an average 221 days, up from 154 days a year ago. Third parties resold in an average 133 days, up from 98 days.

In Washington state, time to foreclose was virtually unchanged from a year ago in July: 102 days on average. Foreclosure starts were up 13.1 percent to 2,527. Cancellations fell 59.5 percent to 601. The number of properties that went back to the bank as REOs fell 67.1 percent to 595. Foreclosure sales to third parties fell 36 percent to 151.

As in the aforementioned states, REO inventory in Washington fell substantially last month: down 42.2 percent to 6,554. Banks took an average of 249 days to resell an REO property, up 25.9 percent. By contrast, third parties took an average 107 days to resell, down 24.1 percent.

In Oregon, foreclosure starts were down 58.6 percent year over year in July, to 426.

"This is most likely related to both the new Oregon law, SB 1552, that gives homeowners at risk of default, or in default, the right to request mediation to avoid foreclosure, as well as the Oregon Court of Appeals ruling that may force some lenders to proceed judicially with foreclosures," the report said.

"It is still not clear whether this is a temporary decline or part of a move toward judicial foreclosure in Oregon."

Nonetheless, time to foreclose fell to an average of 143 days from 162 days a year ago. Foreclosure cancellations in Oregon fell 11.9 percent on an annual basis last month, to 761 properties. At the same time, the number of properties reverting to REOs rose 93.6 percent year over year, to 395. Sales to third parties rose 73.7 percent, to 66 properties.

In contrast to the other four states in the ForeclosureRadar report, REO inventory in Oregon rose in July, up 39.7 percent to 3,153 properties. Banks also resold REOs at a quicker pace -- an average of 203 days, down from 219 a year ago. Third parties resold in an average of 79 days, up from 66 in July 2011.

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, August 14, 2012

NAR: Home Price Increase Has Downsides as Inventory Dwindles

BY: TORY BARRINGER
DSNews.com
8/13/2012

Limited inventory may be boosting home prices, but buyer choices are stifled in an increasing number of markets, the National Association of Realtors (NAR) reported Thursday.

The association’s latest quarterly report showed that the median existing single-family home price increased during Q2 in 110 out of 147 metropolitan statistical areas (MSAs) compared to the same period in 2011. Of the remaining 37 MSAs, 34 posted price declines, and three remained unchanged.

The national median existing single-family home price was $181,500 in Q2, up 7.3 percent from the same time in 2011. This is the strongest year-over-year increase since the first quarter of 2006.

The second quarter’s results illustrated a marked improvement over the first quarter, which showed year-over-year price gains in only 74 MSAs.

Lawrence Yun, chief economist for NAR, said the organization expects prices to continue to rise in the future.
“It’s most encouraging to see a growing number of metro areas with rising median prices, which is improving the equity position of existing homeowners,” Yun said. “Inventory has been trending down, and home builders are still under-producing in relation to growing demand.”

Yun pointed out that price increases can also be attributed partially to a decreasing share of sales in low price ranges, where inventory tightened.

Distressed homes accounted for 26 percent of Q2 sales, down from 33 percent in Q2 2011. Drastic discounts from distressed sales usually work to bring the median home price down.

Since the summer of 2007, inventories have been trending downward steadily. The end of the second quarter saw 2.39 existing homes available for sale, a 24.4 percent drop from the same time in 2011.

NAR president Moe Veissi said that mortgage rates and historically low prices have increased buying power dramatically. The inventory in the lower price ranges needs to keep up with demand, he said.

“What we need now is additional inventory in the lower price ranges, so we hope banks will be releasing more foreclosure inventory into the market. With gains apparent in all of the price measures, banks also should have more confidence in expanding mortgage credit to home buyers using safe but sensible standards,” Veissi said.

The national median family income in the second quarter was $61,000. To purchase a home at the national median price, a buyer making a 5 percent down payment would only need an income of $39,000.

“Because the income required to buy to a typical home is very manageable by historical standards, any further decline in mortgage interest rates will have little effect. Changes in underwriting guidelines would have a far greater impact,” Yun said.

Existing-home sales varied from region to region, rising 1.3 percent in the Midwest and South but slipping 0.6 percent in the Northeast. In the West, tight inventory brought existing-home sales down 5.3 percent as the median home price jumped up 13.4 percent.

“Inventory is pretty tight in all price ranges in most of the West except for the upper end, which accounts for the sharp price gain,” Yun said.

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, May 17, 2012

Home Prices Rise in Half of U.S. Cities as Markets Stabilize

By Prashant Gopal - May 9, 2012 10:13 AM MT
Bloomberg.com

Prices for single-family homes climbed in half of U.S. cities in the first quarter as real estate markets stabilized.
The median sales price increased from a year earlier in 74 of 146 metropolitan areas measured, the National Association of Realtors said in a report today. In the fourth quarter, only 29 areas had gains.

May 7 (Bloomberg) -- Michelle Meyer, a senior economist at Bank of America Merrill Lynch, talks about the U.S. economy and real estate market. She speaks with Tom Keene on Bloomberg Television's "Surveillance Midday." (Source: Bloomberg)
The U.S. housing market is showing signs of bottoming as improving employment and record-low mortgage rates boost demand while inventories of available properties tighten. At the end of March, 2.37 million previously owned homes were available for sale, 22 percent fewer than a year earlier, the Realtors said.

“The housing market is still depressed but it had a good quarter,” Patrick Newport, an economist at IHS Global Insight in Lexington, Massachusetts, said in a telephone interview today. “We’re on the mend but it’s still something that will take two or three years before we’re back to normal.”

The national median existing single-family home price was $158,100 in the first quarter, down 0.4 percent from the first three months of 2011, according to the Realtors group.

The best-performing metro area was Cape Coral, Florida, where prices increased 28.1 percent from a year earlier. Prices rose 19 percent in Grand Rapids, Michigan; 16.9 percent in Palm Bay, Florida; and 16.6 percent in Erie, Pennsylvania.
Biggest Declines

Kingston, New York, had the biggest decline, with the median selling price tumbling 22 percent in the quarter. It was followed by Stamford, Connecticut, with an 18 percent decline; Mobile, Alabama, at 14.7 percent; and Atlanta at 12 percent.

The median selling price is influenced by the mix of homes on the market and probably was boosted by a smaller share of transactions involving distressed properties. Those homes, which sell at discounts, accounted for 32 percent of first-quarter sales, down from 38 percent a year earlier.
Prices are more volatile than normal because they are affected by the prevalence of distressed sales and “sudden upswings” in buyer interest in some areas, said Lawrence Yun, the group’s chief economist.

‘Broad Shortages’

“We have broad shortages of lower-priced homes in much of the country, with very tight supply in Western states for homes through the middle price ranges,” Yun said in the report. “This is good news for many sellers who wish to list now, or for those waiting for prices to improve.”

Sales of previously owned homes rose 5.3 percent in the first quarter from a year earlier, according to the report. Purchases climbed 11.7 percent in the Midwest, 6.6 percent in the Northeast, 4.1 percent in the South, and 1.4 percent in the West.

Fannie Mae, the nation’s biggest mortgage-finance company, today reported a $2.7 billion first-quarter profit after a $6.5 billion loss a year earlier, citing smaller declines in home prices as one of the reasons for improvement. The Washington- based company said that it won’t need Treasury Department aid to balance its books for the first time since it was seized by federal regulators in 2008.

Thursday, May 10, 2012

WE NEED YOUR FOURPLEX - BOISE IDAHO REAL ESTATE

Thursday, May 3, 2012

The investment real estate market in Boise Idaho is hot once again

The investment real estate market in Boise Idaho is hot once again. There is less than 3 months worth of fourplex inventory in Boise. Good deals are being snatched up and prices are going up. SOlid rents and the economy are driving down vacancy rates. Time to move on good deals.

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.