Idaho Real Estate Market: When Will My Home Value Return?

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Idaho Real Estate Market: When will Home Values Return?

Foreclosures in Idaho are still a problem – a big problem. However, despite this, the economic outlook for Idaho in 2011 is quite optimistic.

Let’s start with the negative aspects of the Idaho real estate market: home foreclosures are still climbing, In fact, this state now has the seventh highest foreclosure rate in the country, according to Realty Trac.

Foreclosures up, Home Values Down

The second quarter of 2010 brought with it 822 home seizures, when compared to a year prior. Lenders seized 454 homes in July alone. It’s no wonder, then, that home values are plummeting. Home values across much of the state have fallen nearly one-third from their 2006 peak levels, according to Intermountain Multiple Listing Service.

If you are a homeowner in Idaho, you know that the housing crisis didn’t hit you until much later than other areas of the country. As a result, you must also realize that you will be one of the last areas of the country to make its way out of the recession. Other Northwest states, like Oregon and Washington, are also in the same boat when it comes to housing difficulties.

Because home defaults are slowly declining in other parts of the country, like California and Florida, it only makes sense that Idaho too will see declines in foreclosures; we just have to wait out the tide.

Unemployment also still remains a concern, as unemployment rose to 8.8 percent in July. This is still, however, below the 9.5 percent national unemployment rate.

A Positive Economic Outlook

Now for the good news: Idaho’s economic outlook has improved significantly, according to the new Rich States, Poor States report. Idaho, which ranked 14th in 2009, was recently ranked seventh, thanks to its low property tax burden, no estate tax and the second lowest state debt ratio.

Many note that Idaho could very well be on the right track by as early as 2011 when it comes to economic recovery. The Idaho state forecast states that “Idaho’s economic recovery should be well established after this year, entering a period of modest growth beginning in 2011.”

If you are looking for a return to your property’s 2007-2008 peak value, you may in luck, as the northern part of the state, according to the Fiserv Case-Shiller Indexes, should rebound and see a return to its peak property values by 2013.The southeastern part of the state should see home values return by 2013-2014. Only the southwest portion of Idaho may drag when it comes to home values; home values here are expected to return between 2015 and 2025.


Largest Cities in Idaho

1. Boise 185,787   6. Coeur d'Alene 34,514
2. Nampa 51,867 7. Twin Falls 34,469
3. Pocatello 51,466 8. Lewiston 30,904
4. Idaho Falls 50,730 9. Caldwell 25,967
5. Meridian 34,919 10. Moscow 21,291

 

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