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Boise area housing Prices

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INFLATION

Here it comes folks...

 

https://www.marketwatch.com/story/the-biggest-inflation-scare-in-40-years-is-coming-what-stock-market-investors-need-to-know-11617846712

Market Extra

The biggest ‘inflation scare’ in 40 years is coming — what stock-market investors need to know

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3 minutes ago, utenation said:

I don't know the stats here. So what % of lumber to we get from the Red and White guys to the north?

idk exactly. that was talking with a lumber mill up here. we source a decent amount of stuff from them, especially engineered timber. 

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1 hour ago, utenation said:

I think the idea was good. But when you also have appraisal fraud in the mix, it’s not a good combo. I believe the average self employed business only lasts two years, so the default rate is much higher. 
 

Banks and other servicers don’t want to be in the real estate business selling foreclosed houses. 
 

Lenders today are very hard on self employed borrowers for a reason.  They should have never done this program to begin with. Most times betting on a good credit score to pay is smart but not when fraud was so thick. 

fraud? that's bullshit, "fraud" in the real estate industry had little or nothing to do with the housing crash

it was mostly about sub-prime lending and the commoditization of mortgages, and possibly fraud in the marketing of the resulting securities

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9 minutes ago, renoskier said:

fraud? that's bullshit, "fraud" in the real estate industry had little or nothing to do with the housing crash

it was mostly about sub-prime lending and the commoditization of mortgages, and possibly fraud in the marketing of the resulting securities

I heard stories from neighbors about refiing in the middle of the night so their home only had to be listed so many hours, saving $100s of thousands of dollars... cause they knew someone at a bank.  While others were too stupid and bought homes they clearly couldn’t afford. 

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56 minutes ago, renoskier said:

fraud? that's bullshit, "fraud" in the real estate industry had little or nothing to do with the housing crash

it was mostly about sub-prime lending and the commoditization of mortgages, and possibly fraud in the marketing of the resulting securities

Nah, I disagree 100%.  During the crisis lenders and loan officers got to pick appraisers, their favorite ones. LO's and realtors told the Appraisers what the house needed to appraise for to make deals work.  Lots of kick backs and shady characters.  There were lot's of artificial inflated values out there.  This was a big reason the HARP program was created by the feds to bail out underwater customers. 

Now at Banks, they use a third party for appraisers and have them on a rotation. LO's can't really talk to appraisers and there is a heavy review system before the appraisal is deemed good.. 

If there was no appraisal fraud, why go to all the trouble of what I listed above?

BTW, The Federal bailouts of Freddie Mac and Fannie Mae showed it wasn't just sum prime lending that had issues.

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5 hours ago, BSUTOP25 said:

Your guys were great at housing ...

3CEB61B4-80A4-47A1-ADDE-B052A26E2CFB.jpeg.5f81139f488ae74ba5c7b962ca29c3d4.jpeg


80AFDBA7-0D8B-4AAB-B0FE-4FBC6EC5FB60.jpeg.01d155665665ab663c7f02051e6b2072.jpeg

If AI doesn't completely eliminate the human element, MNF's will be building these for its workforce in due time.  Completely embracing the opposite of this will likely lead to the exact outcome, just different hands on the puppet strings.

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3 minutes ago, NevadaFan said:

I heard stories from neighbors about refiing in the middle of the night so their home only had to be listed so many hours, saving $100s of thousands of dollars... cause they knew someone at a bank.  While others were too stupid and bought homes they clearly couldn’t afford. 

I have no idea what you're talking about here :shrug:

"refiing" had nothing to do with "listing"

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24 minutes ago, happycamper said:

idk exactly. that was talking with a lumber mill up here. we source a decent amount of stuff from them, especially engineered timber. 

British Columbia environmentalists lobbied for, and succeeded in, reducing the allowable cut.  Down 30% from 5 years ago.   

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10 minutes ago, utenation said:

Nah, I disagree 100%.  During the crisis lenders and loan officers got to pick appraisers, their favorite ones. LO's and realtors told the Appraiser's what the house needed to appraise for to make deals work.  Lots of kick backs and shady characters.  There were lot's of artificial inflated values out there.  This was a big reason the HARP programs was created by the feds to bail out underwater customers. 

Now at Banks, they use a third party for appraisers and have them on a rotation. LO's can't really talk to appraisers and there is a heavy review system before the appraisal is deemed good.. 

If there was no appraisal fraud, why go to all the trouble of what I listed above?

 

I don't understand this last question.

Do you know of any appraisers who were charges with fraud? In my almost 40 years in the business, I've known dozens of appraisers. They all hate these types of markets because it makes establishing value very difficult. Remember, the "market" establishes value, not the appraiser. They were just more of the "little guys" in the whole mess.

BTW, appraisers still know the potential "purchase price" before doing an appraisal.

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2 minutes ago, halfmanhalfbronco said:

British Columbia environmentalists lobbied for, and succeeded in, reducing the allowable cut.  Down 30% from 5 years ago.   

And Canada is in the lead for largest percentage increase in housing.  Reap, sow.  Hopefully the US doesn't do that, in reality, the thinning needs to continue, would be a dual positive along with the fire management solution.

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30 minutes ago, happycamper said:

idk exactly. that was talking with a lumber mill up here. we source a decent amount of stuff from them, especially engineered timber. 

I looked it up. At least the article I saw said about 85% of our softwood is imported from Canada. 

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13 minutes ago, renoskier said:

I don't understand this last question.

Do you know of any appraisers who were charges with fraud? In my almost 40 years in the business, I've known dozens of appraisers. They all hate these types of markets because it makes establishing value very difficult. They were just more of the "little guys" in the whole mess.

BTW, appraisers still know the potential "purchase price" before doing an appraisal.

Here's a decent article on what I described.  And yes, I knew of several appraisers that were banned by the state's Division of Real Estate, black listed and faced criminal charges along with the rest of the fraud cowboys.

https://publicintegrity.org/environment/the-appraisal-bubble/

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24 minutes ago, renoskier said:

BTW, appraisers still know the potential "purchase price" before doing an appraisal.

With all major lenders, that appraisal still has to go through a review process for accuracy.  I think with all the regulation of the industry, you don't see many purchase prices clear out in left field compared to appraised value.  Realtors are much better today and their education requirements and regulation is much better than in 2008.

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