Desperate buyers forgo inspections, appraisals as Boise-area home prices push even higher

Looking to buy a home in Ada County? Good luck.

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Out-of-state buyers flush with cash are outmaneuvering Idahoans who need a bank loan. By offering cash, they cut down the time it takes to close a deal from a month to one week. Some buyers are dispensing with inspections and appraisals to speed up the process, and they’re coughing up nonrefundable deposits to win over sellers.

Meanwhile, the number of houses listed for sale is still dwindling.

There were a record-low 470 houses listed for sale in September — 288 new homes and 182 existing homes. A month earlier, there were 589 homes available, also a record low since the Intermountain Multiple Listing Service began tracking the numbers in 2006.

“With fewer than 500 homes listed for sale in a county where there’s demand for 1,200 home sales per month, that creates a crisis,” Boise real estate agent

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Why California’s Devastating Wildfires Will Push Home Prices Even Higher

As the devastating Glass fire raged through California’s scenic wine country in late September, Thomas Senander, 63, initially ignored the evacuation orders, But then a few days later, he and his family watched 100-foot flames rush straight in the direction of their Santa Rosa, CA, compound. When the fire began to lick the edges of a field leading onto their property, the retired engineer, his wife, and their grown son sprang into action.

Like many of their neighbors, they’d been through this hell before. Just three years ago Senander and his family lost their previous home—about 6 miles away in the same town—to the Tubbs fire. They were determined not to experience that anguish again.

He connected a fire hose to his 3,500-gallon water tank and blasted the blaze as it barreled toward him. His family poured buckets on runaway flares. The inferno was heading for an old barn

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Housing advocates: New Orleans agencies failing in push for affordable homes | Coronavirus

Amid a pandemic that has deepened economic hardships for thousands of New Orleanians, city leaders have come up short in their goals to build affordable housing, according to a new report from affordable-housing advocates.

Advocacy group HousingNOLA gave the city’s progress toward creating 7,500 affordable housing opportunities in 2020 a failing grade in a report out this week, saying the various agencies working on that problem have so far created only about 1,500 affordable homes. 



On affordable housing New Orleans continues to lag behind goals

New Orleans remains well short of hitting its affordable housing creation goals, six months after ending the worst year for affordable housing…

It’s the worst grade the group has assigned to public agencies charged with creating affordable housing since it began tracking government progress to relieve housing insecurity in New Orleans five years ago. Last year, the group awarded the agencies a D grade. 

“This is not simply a COVID grade,” HousingNOLA Executive

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Mortgage rates keep falling, but will rising home prices push some buyers out of the market?

Despite the economic downturn, home prices have continued to increase this year — largely because mortgage rates have remained below 3%. But will home buyers reach a breaking point where they’re priced out of the market en masse?

The 30-year fixed-rate mortgage averaged 2.88% for the week ending Oct. 1, down two basis points from the week prior, Freddie Mac
FMCC,

reported Thursday. A few weeks ago, the average rate for the 30-year loan fell to an all-time low of 2.86%.

The 15-year fixed-rate mortgage dropped four basis points to an average of 2.36%, while the 5-year Treasury-indexed hybrid adjustable-rate mortgage held steady at 2.9% on average.

Low mortgage rates have been a boon to home buyers and sellers alike. The low-rate environment has given buyers a boost even as the economy has remained in a coronavirus-fueled downturn and home prices have risen.

“In the pandemic-driven recession of 2020, we’ve

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