Idaho Bank Foreclosures: Answer to Affordable Housing Problems

by Peter Vernon on States

In Idaho, the issue of affordable housing has been one of the most argued of all issues. The housing boom that yielded numerous high-end homes has created a great demand for low-priced houses. Real estate developers and home builders have taken advantage of the real estate growth a couple of years back but are now thinking twice when it comes to building new housing units. With the paltry supply of affordable homes, home buyers are checking out the potentials of Idaho bank foreclosures.

With home prices soaring by as much as 50 to 60 percent and median household income staying flat in the last years, it is not surprising that affordable housing has been difficult to come by. But if you consider the possibilities that these Idaho bank foreclosures can offer, the housing problems in this state will be addressed. Aside from being priced below their market value, sellers of these homes can still offer additional discounts and incentives.

As of June, the state enjoys a below-national foreclosures rate, which is actually a good thing for buyers. This means that the fairly-large inventory will not be affecting housing prices much, boosting buyer confidence. Buying one of these foreclosure homes in Idaho will automatically mean instant equity.

Even the sellers have something to smile about since they can still receive multiple offers and as much as 100 percent of their asking prices. Among the real estate foreclosures, single family homes are generating much buyer interest and so far, market trend remains to be positive.

If the buyer is lucky, he could purchase a home in pre-foreclosure stage and enjoy the lowest prices. If not, the buyer can always look to foreclosure listings for help. Of course, they should only rely on sources like Bank Foreclosures Sale to avoid wasting time and money on useless and fruitless foreclosure search.