August 19th, 12:30 PM Much to my frustration working for sellers, the market continues to slow in the Boise area. Growing inventory, including even more short sales and foreclosures is keeping prices down. The number of homes pending has dropped into the low 1200's in Ada & Canyon Counties, after peaking near 1450 in May. See my Market Monitor for more perspective.

I've been working harder than ever to keep up with the available foreclosed homes, now approaching 250 homes and the most I've seen in my 17-year careeer. I am looking forward with some excitement to securing fabulous bargains this fall & winter as foreclosures continue to grow and discounts deepen. I can see 20% or more below market opportunities coming!

If you have not owned a home in the last 3 years, you may be eligible for a "tax credit" equal to 10% of the price or up to $7500 for couples and half that for singles.

Remarkably puzzling to me, this is not really a tax credit, but an interest free 15-year loan with payments beginning in the 2nd year of ownership.

This "help" applies to purchases closed from April 9th, 2008 to June 30th, 2009.

There are income limits. No help is available for singles with over $95k and couples with over $170k adjusted income and eligibility begins phasing out at $75k/$150k.
Source: The Washington Post, Michelle Singletary (7/3/08)