Mortgage help continues in Idaho
When we reported here that homeowners in jeopardy of losing their homes may find some relief through the Emergency Home Owner's Loan Program (EHLP) we didn't think the money would last. After all, Idaho was one of only a handful of states that received funding and only enough to help around four hundred people.
On the heels of a recent announcement that the program was expiring last week, Idaho Housing and Finance Association notified us that the expiration does not affect us. In fact, there is not only time to apply, but there is money to fund this program for the foreseeable future. So far IHFA has assisted just 76 homeowners with just over $3 million of the $13 million allotted for the state.
You may recall this program is designed to help those who are having difficulty making mortgage payments due to personal economic downturns. Those with medical issues or other issues that result in a loss of income may qualify. They must be in imminent danger of foreclosure and they need to have some reasonable expectation of regaining their former ability to generate income, at least to a level that will allow them to resume their payments.
The program offers payment assistance up to $50,000 per homeowner for up to two years in hopes that within that two years the beneficiary will be able to get back on their feet financially. Those who are successful and make their payments without assistance for five years after, may have the entire amount forgiven.
To learn more about the program, visit the IHFA website www.ihfa.org or give them a call at (877)888-3135.
In other news this week interest rates for home loans remained low at 4.25 percent. Predictions are however, that if Congress does not take the necessary steps to avoid default on their own debts, interest rates for the rest of us could rise considerably. If interest rates do begin to rise and rise quickly, those undecided buyers who have had no compulsion to act may find themselves compelled to get off the fence and into a home. Some predict this will create a surge in the market.
Nationally, the new housing market showed some signs of stability. Although sales dropped about 1 percent, prices increased sharply and inventories continue to decline according to the Department of Commerce. As reported by Reuters there were, "164,000 new homes for sale in June, which is a record low. Taking into account June's sales pace, the supply of new homes on the market dropped to a 6.3-month supply, the lowest since April 2010. Meanwhile, the median price of a new home increased to $235,200 in June, up 5.8 percent from May. Compared to June last year, the median price rose 7.2 percent. However, new homes continue to be considerably higher than previously owned homes. The median price on existing homes averaged $184,300 in June."
In another report, prices of homes that are not in foreclosure or short sale status appear to be stabilizing in price as well. The western region may be showing signs of stability with California gaining some ground. Distressed home sales remain high but in December California had four of the nation's top five distressed markets. Today only two of those top five are there according to the article published Friday by RIS media.
For news of what is happening in your own neighborhood with your type of real estate, call your Realtor.
Trust an expert... call a Realtor. Call your Realtor or visit www.cdarealtors.com to search properties on the Multiple Listing Service or to find a Realtor member who will represent your best interests.
Kim Cooper is a real estate broker and the spokesman for the Coeur d'Alene Association of Realtors. Kim and the association invite your feedback and input for this column. You may contact them by writing to the Coeur d'Alene Association of Realtors, 409 W. Neider, Coeur d'Alene, ID 83815 or by calling (208) 667-0664.