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Canyon County home prices at 10-year low

Canyon County’s median home price in October dropped to a 10-year low of about $82,000, slightly more than half of Ada County’s median home price, according to Intermountain Multiple Listing Service numbers released Monday.  The question is whether it will it end before discounts get even bigger.

Canyon County’s median home price in September dropped to $81,900, the lowest since the Y2K computer-bug era, and about half of its $170,000 peak in 2007, the Intermountain Multiple Listing Service reported Monday.

The reason: homeowners in distress.

”In Canyon County, close to 70 percent of the homes that are selling are either short sale or foreclosures,“ which is having a real negative effect on values. The latest figure is even lower than January 2000, the first month of more than a decade of price data reviewed.

That month, the median had fallen to $82,400.  But there’s an upside: Bargain hunters are buying. The number of homes sold in Canyon County was up over the same month for the past three years.

In Ada County, the median price fell to $158,000, about the midpoint of the $149,000-to-$168,000 range that prices been bouncing in for more than a year.  It is said jobs are needed to rebuild the local housing market. Nampa Association of Realtors President Gloria Urwin said she’s concerned that the recent disclosure of mistakes in foreclosure proceedings by national lenders will put Canyon County in a worse position.

Banks need to loosen their belts and start working with people. Why not rewrite the loans and add a clause if they’re concerned about a market correction in two years? ... Give (people) an incentive to stay in their homes.

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