Foreclosures in Southern Ca are still out of reach for most of us.  I want to buy a home in the 93063 area or Carpinteria.  I lived there for 38 years and miss it every minute.  But, too costly.  

How much of it is really unemployment and how much is the mortgage product?  I would guess the latter is contributing more to the problem.

I would agree that risky loan products are still the primary driver of foreclosures across the country, but I think we're starting to see unemployment start to drive foreclosures as well. That is simply based on the fact that we are seeing some new areas post big year-over-year increases in foreclosure activity that last year were largely insulated from the foreclosure problem.

Any one in Boise have any experience recently?

I just talked to a reporter up in Boise who said they have had a booming real estate market there for a long time, and that there was a price bubble in the last few years that has now popped. He also pointed out that employment has quickly ballooned to nearly 10 percent there.

Oh YEAH!! We've been house hunting in Boise since last Oct..Star, ID looks like "ground zero"!!  Boise is in bad bad shape..don't let the Realtors or reporters sell you any "fluff".  

We had two offers on short sales..both fell through..one due to mold and the other to "seasonal water problems".  Homes are rapidly coming down in price.  By the time you get to closing you've probably lost 20K.  

Get on RealtyTrac if you have to pay for it..key in the zip code or address you are looking for and you'll see..it looks like ants in an ant colony.  Two best things I ever invested in..RealtyTrac and a good home inspector.  Even though both deals fell through and we are out around 800 for the inspections..it was well worth it.  Many of the homes have not been winterized and therefore have leaks which lead to mold problems.  Our homes are not built on slabs and mold can be a real issue in the crawl spaces.  Caveat Emptor!!  Watch the SHORT SALES NEGOTIATORS!!  They do nothing..are not required to be licensed in our state..and want to be paid for calling the bank once per week!  The bank says this puts them behind trying to answer Realtor and Short Sale Negotiator calls and work their every increasing workload.  They are not staffed for this in many instances.  Someone said they have 500 per day and can only close on 15 a day.  Watch your short sales as some buyers will use you as a "place holder" in order to stay in the home.  Bank won't foreclose if they think they have a solid buyer.  Many times the buyer walks (tired of waiting)..Realtors don't notify banks that they have walked..when the bank discovers they have a new buyer, THE ENTIRE PROCESS STARTS OVER!

Bottom line:  You need a helmet and a seat belt to go shopping in Boise metro area!  

Carolyn,

Thanks for your insight. It is very interesting to hear about it from the front lines. Sounds like you're doing a great job of doing your research and not settling for anything less than a good home at a great price. Happy house hunting! Let us know how things turn out.

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Thanks for the post.