Blog

There has been alot of flips the last couple months...esp since FHA removed the 90 day hold period. 

Nice flip example....$32,000 in 80 days.  434 E Chapparosa Drive

Good Deal...4047 Saint James...4,000+ SF, huge shop..5 acres in Nampa for about $390,000.  Granted...the 2007 list price of $1,250,000 was a bit high:)

17 of 18 Graphs were justed updated!

Check them out.

I was sent this e-mail today.

Goes to show what AMC's are trying to pay appraisers!  What a joke!!! 

Wonder why some appraisal costs went up to $500? So the middle man can make all the profit!  Thanks to the new HVCC rules!

Willing to bet not a single appraiser will bite at $215 in Ada & Canyon County. 

Hell...it costs the appraiser about $75/file just to do the appraisal!  After you add E&O + Phone + Internet + Software + IMLS Dues + ACR Dues + Lockbox Fee + License Fee + School Fee + Gas + Rent + Taxes + Overhead

Were is the profit! 

Are AMC's  #%#@#!#  stupid!

============

Dear Fellow Appraiser,

As head of recruitment for IAN, I have an appraisal assignment in Boise, Ada County ID. If you are interested in receiving this order please respond to this email with your estimated turn time.

Fee for a Conventional 1004 is $215.00

Fee for FHA 1004 is $ 250.00

All appraisal fees are paid at months end, If these conditions are acceptable to you please reply with confirmation.

Also please include a list of counties serviced with reply for future orders.

IAN is comprised of a network of appraisers covering the entire US. IAN is an alternative source of appraisal orders for licensed appraisers interested in supplementing their current workload..

Please forward license and E/O to orders@ian2020.com

Thank you,

Recruiting Department

Innovative Appraisal Network

www.ian2020.com

The data is from IMLS.

The rough numbers as reported today, will be fine tuned in 2-3 days when are closings are input in IMLS.

Ada County had 47% distress sales in Feb-2010.

Canyon County had 69% distress sales in Feb-2010

By MLS Area - FEB 2010 Only

Single Family, Single Family w/ Acreage, Condo, Townhouse
Distress = IMLS says "YES" to REO or Short-Sale or Foreclosure

IMLS Defined Area	Typical	Distress	Total
South Nampa (86) - 1260	18	44	62
NW Meridian - 1030	24	29	53
SW Caldwell - 1280	9	24	33
NW Nampa (51) - 1270	9	22	31
NE Nampa (87) - 1250	10	21	31
SE Boise - 0300	25	19	44
W Boise-Garden City - 0650	26	18	44
Eagle - 0900	10	17	27
Kuna - 1100	11	14	25
NE Meridian - 1020	24	13	37
SW Boise-Meridian - 0550	15	11	26
NW Caldwell - 1275	3	11	14
NW Boise - 0800	12	10	22
Star - 0950	1	10	11
Middleton - 1285	4	9	13
Boise Bench - 0400	8	9	17
SE Meridian - 1000	3	9	12
West Boise - 0600	11	8	19
North Boise - 0100	9	4	13
South Boise - 0500	8	4	12
SW Meridian - 1010		3	3
Canyon County Other - 1290	1	2	3
Wilder - 1293	1	1	2
Melba - 1265	1	1	2
Parma - 1292	2		2
Garden City - 0700	1		1
NE Boise - 0200	8		8
Greenleaf - 1294	1		1
Grand Total	255	313	568

Area	Average  Typical Sold Price	Avg Distress Sold Price	Avg Sold Price
Ada	$208,905	$175,225	$192,753
Boise Bench - 0400	$138,100	$104,178	$120,141
Eagle - 0900	$385,500	$375,011	$378,896
Garden City - 0700	$300,000		$300,000
Kuna - 1100	$154,477	$155,093	$154,822
NE Boise - 0200	$349,550		$349,550
NE Meridian - 1020	$207,273	$142,623	$184,558
North Boise - 0100	$233,828	$132,975	$202,796
NW Boise - 0800	$216,979	$199,290	$208,939
NW Meridian - 1030	$202,189	$165,014	$181,848
SE Boise - 0300	$201,157	$149,479	$178,841
SE Meridian - 1000	$172,570	$180,440	$178,473
South Boise - 0500	$150,019	$181,475	$160,504
Star - 0950		$191,119	$191,119
SW Boise-Meridian - 0550	$190,597	$163,536	$179,148
SW Meridian - 1010		$229,600	$229,600
W Boise-Garden City - 0650	$198,572	$124,489	$167,561
West Boise - 0600	$173,910	$92,968	$137,936
Canyon	$156,640	$107,945	$122,603
Canyon County Other - 1290	$350,000	$130,000	$203,333
Greenleaf - 1294	$160,000		$160,000
Melba - 1265	$109,000	$250,000	$179,500
Middleton - 1285	$200,417	$194,411	$196,259
NE Nampa (87) - 1250	$154,112	$87,131	$108,738
NW Caldwell - 1275	$112,497	$94,864	$98,642
NW Nampa (51) - 1270	$102,576	$79,968	$86,532
Parma - 1292	$158,750		$158,750
South Nampa (86) - 1260	$173,381	$118,689	$134,567
Star - 0950	$339,000	$224,450	$262,633
SW Caldwell - 1280	$138,368	$91,460	$103,187
Wilder - 1293	$135,000	$29,900	$82,450
Grand Total	$196,570	$145,776	$168,331

New inventory numbers were just posted!

Check them out! 

Good: Ada County was 11% better than 2009
Good: Canyon County was 77% better than 2009

Bad: Median Sold price down 9.2% in Ada County.
Bad: Median Sold price down 19% in Canyon County.

Compared to Jan-2010, Single Family, Ada was up 11% and Canyon was up 5% in closed units.

More to be posted this week...check back!

Think this may happen in Idaho?

http://www.jsonline.com/business/84664037.html

M&I Bank has abruptly ended an unusual and aggressive move to recoup some of its massive Arizona loan losses, saying that seven lawsuits filed against Arizona real estate appraisers last month are being dropped.

The bank would not say why it was dropping the suits. But one appraiser whose company was among those sued said he was told by his insurance company that the statute of limitations - which in Arizona gives plaintiffs just two years to file claims alleging negligent misrepresentation - may have come into play.

"We have resolved our differences with most of these appraisers in Arizona and these suits will not be going forward," Patty Cadorin, an M&I senior vice president, said in an e-mail statement to the Journal Sentinel. "We are also working on resolving the remainder."

Asked whether the statute of limitations played a role, she said via e-mail that "due to the fact that this is litigation, we will have no further comment beyond the statement."

M&I has been awash with losses in Arizona since the housing bubble burst there.

Attracted by the potential for rapid growth, M&I made a bold push in the Arizona market a decade ago, going from 14 branches in the state to 28 by 2003.

But by 2008, M&I earnings were plummeting, and executives were admitting they failed to react quickly enough to the slowdown in the housing market. Today the company blames many of its financial woes on the Arizona incursion.

The company has posted losses in its last five consecutive quarters, and lost $858.8 million for all of 2009.

At the end of 2008, M&I's Arizona portfolio held $642 million in bad loans - loans that were not accruing interest - representing 42% of its non-performing loans. At the end of last year the number had been trimmed to $430 million, or 21% of its bad loans.

In January, the company filed seven lawsuits against Arizona real estate appraisal companies and individual appraisers.

The lawsuits, filed in U.S. District Court in Phoenix, were atypical because, lawyers say, lenders normally take a scattershot approach of suing several parties, including the buyer, appraiser and mortgage broker, when they suspect wrongdoing in a real estate loan.

The litigation challenged appraisals done as late as 2007, but the lawsuits noted that recent reviews and investigation reveal the market value listed in the appraisals was inflated.

The strongly worded lawsuits charged the appraisers showed a "reckless disregard for the truth" in estimating the value of properties that were used as collateral for bank loans. M&I sought $6 million in damages - a fraction of the hundreds of millions of dollars in bad loans that M&I wrote in that state.

"Perhaps, M&I feels they need to file an action to satisfy its shareholders," said Dan Bach, a former federal prosecutor now in private practice in Madison.

Later, after the bank said it would no longer pursue the claims, Bach, an M&I shareholder, said "It's unfortunate that if there were an opportunity to recoup some of their losses that they're not able to do so."

Bach and other attorneys said there was not enough information available to definitively say why M&I was changing course so quickly, though the statute of limitations was a possibility.

"Two years can creep up on you pretty fast," Bach said.

Jay Josephs, owner of Josephs Appraisal Group - a large Phoenix appraisal company sued by M&I - said his company was told by his insurance carrier that the M&I suits would have trouble making it through court because of the statute of limitations.

"Having this go away is a very big deal," said Josephs, whose firm was being sued for $744,700. Josephs said the appraisals performed by his company for M&I were all proper and would have withstood a court challenge.

Rachel Dollar, a California lawyer specializing in mortgage fraud representing M&I on the suits, shed little light on the decision to drop the cases.

Responding specifically to the suggestion that the statute of limitations came into play, she e-mailed a statement that said:

"Statute of limitations analysis is legally and factually complex. . . . In many cases, claims do not accrue and thus the limitations period does not begin to run until years after the conduct underlying the claims has occurred. Attorneys review potential statute of limitations issues prior to filing lawsuits."

The attached file give a thumb nail view on how IMLS reports average sold DOM for Ada & Canyon County for last few years. 

Based on single family, single w/ acreage, townhouse and condo.

All the trend graphs from 2001 - 2009 were update in Ada County for Amount Sold, Average Quarterly Sales Price &  Average Quarterly Sales Ratio.

Canyon Canyon MLS area will be update also.

Look at Star - Amount Sold...huge rise than large drop! 

The report was just posted.

Enjoy reading.

Lots of month-end updates were posted today on Top Graphs.

Check them out!  New inventory numbers and distress sale summary for January 2010 were posted this week also.

Enjoy you day!

New month end numbers were posted.

http://www.hennesseyappraisals.com/DistressSaleData

Looks like both Ada & Canyon are getting worse, not better.

None of below data was taken from IMLS. 

There were 917 total building permits issued in 2009.

184 permits were issued for New Construction, of the total  917 building permits.   The data below was slightly changed due to two County typo's(homes in Sonta Hills valued at $32,000,000).   

Going over the 917 permits, I see there was 10 inground pools were built, 2 in a sub (Charter Pointe 4-Plex Sub) and 8 in single family homes.

283 permits were for Mech. (furance, compressor, woodstove, gas pipe line, etc)

87 permits were for addition or remodels.

6  were for fire damage.

10 were for demolition of structures (home, shop, manf, etc)

Most importantaly, of the 1,211 permits issued in 2008, 371 were for new dewelling.    This shows the huge drop in permit being pulled by local builders!

2009 Ada County - New Building Permits
	Sub	Total Value	Count
1	HIDDEN SPRINGS	$7,286,084	22
2	CHARTER POINTE	$5,859,833	30
3	DEVONSHIRE	$3,797,209	23
4	BRIDGEVIEW	$3,437,002	19
5	SONATA HILLS	$3,150,297	11
6	PEPPERTREE	$1,571,458	8
7	STANS HOMEPLACE	$1,529,683	9
8	ARROWROCK RANCH	$1,511,482	5
9	Other	$1,465,744	5
10	LAKERIDGE SUB	$1,416,058	10
11	GREENBRIAR COMMONS SUB	$1,235,172	7
12	BLACKROCK	$936,983	2
13	BROWNSTONE SUB	$917,278	5
14	SKYLIGHT SUB	$815,949	4
15	WINTERS RUN SUB	$763,840	3
16	HAZELWOOD VILLAGE SUB	$758,643	4
17	PEAR BLOSSOM SUB	$729,662	2
18	HAZELWOOD SUB	$679,716	3
19	BUCKWHEAT ACRES SUB	$594,024	1
20	BITTERCREEK MEADOWS	$509,451	1
21	HILLSDALE ESTATES	$382,619	1
22	RADER & KROEGERS SUB	$336,660	1
23	SOUTHFORK SUB NO 03	$316,687	1
24	AVIMOR SUB NO 01	$316,543	1
25	BLUEMEADOWS SUB NO 02	$252,683	1
26	APPLE VALLEY SUB	$223,940	1
27	CEDAREDGE SUB	$219,685	1
28	ANAHEIM SUB	$170,119	1
29	DYNASTY ESTATES SUB	$85,075	1
30	COVINGTON PLACE SUB	$70,000	1
	Grand Total	$41,339,579	184

2008 Ada County - New Building Permits

SUB	$ Sum	Count
CHARTER POINTE SUB	$12,001,820	59
SONATA HILLS SUB	$7,449,774	26
GREENBRIAR COMMONS SUB	$6,006,631	39
HAZELWOOD VILLAGE SUB	$5,055,958	25
LOUGHS LANDING SUB	$4,387,734	29
BRIDGEVIEW SUB	$4,117,741	23
DEVONSHIRE SUB	$3,282,476	19
AVIMORE SUB	$3,034,674	14
LAKERIDGE SUB	$3,006,839	20
HIDDEN SPRINGS	$2,944,061	11
PEPPERTREE SUB NO 01	$2,505,440	18
Other	$2,445,267	5
CEDAREDGE SUB	$2,419,025	11
ANAHEIM	$2,046,577	10
BLACKROCK	$1,983,133	5
STANS HOMEPLACE SUB	$1,882,525	10
BROWNSTONE SUB	$1,476,693	8
SUNSHINE ESTATES SUB	$1,400,000	1
SPURWING SUB	$1,400,000	1
HILLSDALE ESTATES	$1,173,254	2
WINTERS RUN SUB	$1,156,025	5
SPIKER SUB	$1,100,000	1
BLUEMEADOWS	$1,025,573	4
APPLECREEK SUB	$861,177	1
MONUMENT RIDGE RANCH SUB	$802,148	1
HAZELWOOD SUB	$648,960	3
WEDNESDAY SUB	$601,812	1
THORNHILL SUB	$600,204	2
ARROWROCK RANCH	$576,387	2
COLTON RANCH SUB	$532,741	1
PINEBROOKE PLACE SUB	$508,265	3
SKYLIGHT SUB	$472,525	2
CAROLS SUB NO 02	$416,494	1
TRAILCREEK SUB	$380,955	1
LOCUST VIEW HEIGHTS SUB	$363,756	1
APPLE VALLEY	$362,214	1
FALCONVIEW ESTATES SUB	$350,000	1
MOONSTONE SUB	$347,272	1
HARDROCK SUB	$319,871	1
RABBIT RUN SUB	$234,900	1
SEQUOIA RIDGE SUB	$149,161	1
Grand Total	$81,830,062	371

The raw data it taken from IMLS.  The information it edited and reviewed for format and context by Hennessey Appraisals.

This shows Ada & Canyon County, for builders over $1 Million in 2009 as report in MLS.

Mixed Builders = One started,  another took over.

This is for all types (Single Family, Single Family w/ Acreage, Condo, Townhouse)

What to see more....sign up for my blog or check back for the entire report.

	Count	Average Sold Price	Avg Cost Per SQ FT	Avg Sales Ratio	Avg DOM	Total Dollars
CBH Homes	553	$150,116	$84	93%	174	$83,014,239
Hubble Homes	209	$138,025	$78	98%	94	$28,847,149
Aspen Homes	91	$147,257	$99	93%	167	$10,308,014
Boise Hunter Homes	40	$322,743	$122	98%	86	$10,005,048
HFS Homes	72	$108,902	$92	102%	30	$7,732,026
Eaglewood Homes	33	$217,056	$101	89%	199	$6,511,671
Brighton Homes	28	$218,849	$118	98%	123	$6,127,771
D. R. Horton	40	$132,603	$84	97%	84	$5,171,523
TAHOE HOMES	22	$231,981	$119	94%	135	$5,103,575
Syringa Construction	18	$258,400	$115	94%	138	$4,651,200
Ted Mason Signature Homes	26	$185,722	$124	94%	151	$4,643,054
- Agent left Blank -	13	$329,041	$103	80%	228	$3,948,488
James Clyde Custom Homes	12	$328,823	$120	98%	98	$3,945,873
Eldorado Development	30	$105,524	$108	98%	145	$3,165,716
Kastera Homes	13	$249,575	$94	76%	227	$2,994,900
Kub Investsment, LLC	20	$143,403	$103	97%	135	$2,868,054
Stetson Homes,Inc	15	$189,208	$100	94%	108	$2,838,126
Colony Homes	16	$179,071	$111	97%	89	$2,686,062
SunCor Idaho, Inc	12	$210,058	$105	87%	136	$2,520,695
Paradigm Construction	23	$158,922	$120	95%	182	$2,383,835
Zach Evans Construction	8	$294,290	$131	93%	126	$2,354,319
Crestwood	8	$279,150	$85	91%	175	$2,233,200
Flynner Homes	9	$234,111	$111	89%	134	$2,107,000
High Desert Construction	9	$231,422	$107	84%	357	$2,082,800
Westminster	7	$339,250	$111	80%	339	$2,035,500
Roth Homes	6	$322,894	$152	90%	437	$1,937,365
Capitol Building Co.	6	$316,838	$131	94%	93	$1,901,030
Beachwood Builders	11	$171,573	$110	92%	248	$1,887,300
- Mixed -	7	$266,421	$75	73%	178	$1,864,950
BLACKSTEAD BUILDING CO.	10	$181,430	$111	95%	152	$1,814,300
Hallmark Homes	7	$258,018	$106	94%	138	$1,806,125
Harris Homes	7	$250,757	$133	93%	118	$1,755,300
Morgan Creek Homes	3	$581,667	$93	67%	271	$1,745,000
Galicia Homes	11	$155,269	$90	90%	181	$1,707,960
Wood River LLC.	9	$187,538	$126	98%	74	$1,687,838
Jim Archer	1	$1,600,000	$267	89%	159	$1,600,000
Paramount Custom Homes	3	$491,633	$105	52%	537	$1,474,900
The Master's Construction	7	$209,511	$98	86%	107	$1,466,576
Matrix Homes, GQ Construc	6	$240,900	$71	87%	123	$1,445,400
Canyon Crest Homes	8	$352,450	$132	81%	307	$1,409,800
Alder Creek Home Co	5	$279,180	$99	73%	423	$1,395,900
Gallery Homes	5	$272,067	$111	95%	150	$1,360,335
Idagems Homes	6	$215,483	$77	92%	175	$1,292,900
Hunter Homes, Inc.	8	$159,300	$104	95%	126	$1,274,400
Asin Homes	6	$208,650	$124	81%	276	$1,251,900
Status Homes	8	$154,025	$86	90%	267	$1,232,200
Triple Crown Construction	5	$246,060	$107	90%	157	$1,230,300
Holton Homes	6	$192,990	$76	82%	361	$1,157,937
Southers	8	$144,169	$107	93%	154	$1,153,349
Dimension Building LLC	3	$360,475	$107	75%	310	$1,081,425
Red Oak Development	7	$153,643	$106	100%	77	$1,075,500
323 Jefferson LLC	3	$529,500	$480	101%	238	$1,059,000
Ninety Degree Constructio	7	$144,676	$110	100%	89	$1,012,730
Sequoia	2	$505,000	$135	99%	54	$1,010,000