August performance exceeds expectations
With all the bad news about it is easy to be affected. It seems though that there are plenty of folks who see opportunity and are prepared to answer when it knocks. With loans for residential real estate still below 4 percent and housing prices near 2003 prices many folks are grabbing up bargains. Although the year to date statistic analysis is not complete through August, a cursory review of our residential numbers is encouraging to say the least. Our search revealed that last year we sold 235 homes during the month, but this year we closed 315 sales for an increase of 25 percent! That is a welcome bright spot for Realtors and home sellers alike.
Understanding that prices have been driven down by distressed properties, we are invited by Idaho Housing and Finance Association to remind you that the Emergency Homeowners Loan Program deadline is soon to come. After Sept. 19, 2011, the opportunity is gone.
To recap; the program is designed for those who have experienced a decrease in income due to job loss or underemployment. Idaho was awarded $13 million by the Department of Housing and Urban Development to help our residents who find themselves unable to meet their house payments. Nearly 300 people are being helped with these funds, but about $3 million is still available for those who beat the deadline.
If you, or someone you know, is at risk of foreclosure, encourage them to apply.
"Anyone who thinks they qualify should apply; it would be a shame if eligible homeowners did not apply because they were not aware of the funds available or thought they didn't qualify," said Susan Semba, vice president of Homeownership Lending. "If after reviewing the application we find someone does not qualify for the emergency loan, our staff will provide counseling about any other options available to them. If you need help, please reach out to us."
The applicant's gross income must be less than 120 percent of the median income which for Kootenai County that is $64,800. They must also have a reasonable expectation of resuming regular mortgage payments when becoming fully employed. The loans under this program are at zero interest and can be forgiven altogether when the homeowner makes their payments without aid for five years.
Be sure to contact Idaho Housing for help: (877) 888-3135 or www.ihfa.org but do it before Sept. 19.
If you are looking to take advantage of the great interest rates and affordable housing prices, be sure to contact 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.