The national economic news, particularly in relation to deteriorating home values and the increase in foreclosures, is frightening. Is Idaho really any different?
Idaho is different - The Federal Deposit Insurance Corporation recently released state profiles that indicate Idaho's home price index for the second quarter of 2008 increased by 1.2%. In addition, the median price of single family homes in Nez Perce county from June 2007 to June 2008 increased by 4.41%, according to Lewis-Clark MLS. Idaho in general and North Central Idaho in particular are fairing better than the national average. Because home values have remained stable, the refinancing option is practical for homeowners who want to reduce their monthly payments with the current lower interest rates.
That said, Idaho has experienced an increase in foreclosures. However, according to the Mortgage Bankers Association, Idaho is ranked 42nd out of all the states in rate of foreclosures. Overall, purchasing a home now may allow you to take advantage of the increased inventory available and great interest rates.
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