- 14
- Feb
The Boise Idaho real estate market was devastated in 2009, with just fewer than 5% of all homes in the area being foreclosed upon that year. Boise has had a year over year increase in foreclosures of 103%, besting the previous record of 2008, putting Boise atop the nations list of highest foreclosure rates. Area homeowners are being forced to go back to the drawing board when they consider they live in the 24th most troubled real estate market in the nation. With so many people in construction due to the rapid development the town experienced over the past 10 years, the 10.1% unemployment figures make sense but do not help.
The condition of the Boise Idaho real estate market has been a product of several key ingredients. Since 1980, it has experienced a population boom which has doubled its numbers, and business has grown into previously dark, unchartered corners. Tech industries have come into the combination, and Micron Technology is now the city’s greatest employer.
Most burgeoning cities experience a certain amount of trauma and the Boise Idaho real estate market had its share. During the boom housing costs jumped from around 150k to about 260k in the three fastest years, according to a major housing index. From then to now, prices have decreased by nearly 50%
Being at stuck in a global economic slowdown and at the epi-center of a certain degree of speculative investments, were the 2 biggest factors in the crisis in the Boise Idaho real estate market. As more and more people move into an area, the demand for housing increases pushing speculative investment more to the forefront.
When prices started to slow down, the speculators pulled out, sending prices down further and entangling some buyers underwater. A lot of these speculators ended up losing their homes and assets. Unemployment rates increased as many were laid off. Area employers started to eliminate many positions, with Micron laying off around 2000 and HP cutting several hundred jobs, the Boise Idaho real estate market began to suffer.
Nearly all construction having come to a halt as one local economist states. Even though areas like Las Vegas and Phoenix have experienced sharper downturns than the Boise Idaho real estate market, time are still tough but will turn around eventually.
The author enjoys writing articles about Boise Idaho real estate and real estate in Boise Idaho. Click on the links above to learn more about these topics! You can get a unique content version of this article from the Uber Article Directory.
