I was fortunate enough to have dinner last night with Dr. Jed Smith on his trip to Boise to talk to the Ada County Association of Realtors Annual meeting. With the current upheval in the financial markets, we couldn't have chosen a better time to get his insight. A few key points he made was that he felt we were really close to the turn around point of the housing market because:
A lot of the problem before was the excess money in the market which allowed for the sub-prime market to go from $295 million in 2001 to $882 million (nearly tripled) in 2004, to $1.138 Trillion in 2005. It started back down in 2006 to $1.051 Trillion. By 2007 it had already dropped to $466 million. He said that even though the sub-prime market only accounted for 9% of the lending portfolio, it accounted for 53% of the foreclosures! In conclusion, he said he felt we were pretty close to the bottom based on the "known" factors, but this is a unique time that he said is best compared to the 1907 market. We still don't know the "unknown" factors that still may be lurking around the corner (inflation?, hedge fund impacts, consumer confidence, international markets, etc.) When things like this happen, he said, we tend to "overshoot" the target so there are profits waiting for those that time the bottom correctly.
Jim Paulson, CRS, GRI, EPRO - Owner/Broker - Progressive Realty Corporation
http://www.Progressive-Realty.info
It was just anounced today that our largest private employer in the state, Micron, will be eliminating 15% of it's global workforce of which, 1,500 will come from Boise. Have any of you seen any stistics that claim the ecomomic impact of a job lost?
I know our economic community development gurus claim roughly 3.2 new jobs for each "new" job; but apparently the research is not readily availble on jobs "lost".
One economist told me tonight that typically you figure about 2x if a job was "exported".
Does trickle down = tricle up in economic terms?
As the owner/broker of Progressive Realty Corporation here in the Boise area, feel free to contact me about any of your real estate needs here in Idaho. You can also check out another blog I have at: www.buildingcredibility.com/blogs/idaho_real_estate/meridian_homes_for_sale I am accredited via the Better Business Bureau so feel free to check my references! I have lived in many different countries (including Viet Nam, Korea, Iran) and lived in many of the United States, so I am familiar with relocating both as a dependent and as an employee. Having to adapt to all those environments helped me learn to be a good communicator which in turn is a great assest when helping buyers and sellers. In my 17 year career as a licensed Idaho Realtor, I have closed transactions with:
I am accredited via the Better Business Bureau so feel free to check my references! I have lived in many different countries (including Viet Nam, Korea, Iran) and lived in many of the United States, so I am familiar with relocating both as a dependent and as an employee. You can also learn more about me on either of the following websites: Thanks!
I have several professional designations including (but not limited to):
As a Realtor here in the Boise area, feel free to contact me about any of your real estate needs here in Idaho. You can also check out another blog I have at: www.buildingcredibility.com/blogs/idaho_real_estate/meridian_homes_for_sale
My smallest transaction was a mobile home and my largest sale was just under $1.5 million so most people fit in my range somewhere! My brokerage now has a few listings over $10 million as well and we are working on securing more.
You can also learn more about me on either of the following websites:
Thanks!
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Owner/Broker of Progressive Realty. President-Elect - Ada County Association of Realtors & Director for Idaho Association of Realtors. 18 years experience to help you or your clients! Call me!
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