Numbers of foreclosed houses are declining in Treasure Valley because of increase in number of buyers is outpacing supply. In Treasure Valley within the past two to three weeks there has come a change in the market. Competition has stepped up among buyers and more loan applications for higher amounts are being submitted. Banks are sitting with their foreclosed stock and not rushing them into the market.
Amanda Peterson of Team Realty of Nampa in Idaho is a realtor and lately she has become very busy. The bulk of her sales comprise of foreclosed houses and the supply of these is steady. Peterson said, “About 40% of what’s selling today are foreclosures or bank owned properties – about 27% short sales and the rest are traditional sales.
On a typical weekday she shows around potential buyers a discounted house in Washington Avenue in the locality of South Caldwell. It was a real bargain with a price tag of slightly more than $71,100.
Standing on half an acre it has four bedrooms and at the moment HUD is the owner. Although the roof is somewhat damaged Peterson said it would not be sitting on the shop shelf for long. She explained that competition was stiff because of low prices and rates of interest but also because of the stock position right now.
Experts think that numbers of foreclosed houses are declining in Treasure Roofers Nampa ID Valley because of increase in number of buyers is outpacing supply. The latest report from IdahoDataProviders indicates this trend. Last April there were 493 foreclosures – a drop of 10% from last March; it is 33% less than the numbers in Canyon County. In all the foreclosure filings in Treasure Valley are down by 32% from what it was in April 2010.
Leon Baker of First Mortgage of Idaho is a mortgage broker. He said that fewer foreclosures coming in have pushed up the market and more residents of Idaho have applied for home loans for bigger amounts. He said, “So what I’m finding on my side of the desk, is that I sign a loan approval for ‘x’ and they come back and say ‘I need another three or four grand, and if I’m going to be competitive on this home – maybe five or ten grand'”.
Property experts are also saying that banks piling up foreclosed houses by the thousands in Treasure Valley are not pushing them into the market afraid of a flood. This is leading to the market stabilizing with there being more competition.
Baker explained that market competition is now visible within the range of $40,000 to $60,000. Also in the group above 100’s and 300’s the same trend is noticeable; this was not there only two to three weeks previously.