Monday, May 16, 2011

Rural designation, and zero down home loans, may be thing of past in Post Falls

As home prices continue to slide, making the market a veritable candystore for buyers who are also taking advantage of another dip in interest rates, at least one North Idaho community may feeling the crunch more than others.
Post Falls, which was afforded a rural designation by the USDA allowing zero-down home loans will likely lose its rural designation.
New census figures released last week show that Post Falls, one of the fastest growing markets in the state, saw a population jump over the past decade that pushes the city out of its rural designation.
For several years in a shifting market, zero-down rural development loans provided money that kept the Post Falls real estate market afloat, said Kim Cooper, spokesman for the Coeur d'Alene Association of Realtors.
As equity shrinks or disappears there are some sellers who are more likely to show a profit on their home. Long-time home owners, many with as much as 100 percent equity, stand to sell quickly given bargain barn interest rates, Cooper said.

For more on the local real estate market click here:
http://www.cdapress.com/real_estate/article_cf970f85-0f46-504e-9c98-23af22bbcc26.html

-Ralph Bartholdt

2 comments:

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