May 20, 2007
Investors get out - check.
Locals left holding the bag - check.
Repeat all around the world - check.
Southwest Idaho has large jump in number of homes put up for sale
Experts say investors trying to unload houses in highly populated southwestern Idaho have likely boosted the number of homes on the market.
They say a recent drop in median home prices might have triggered the sales rush.
Nearly 8,000 homes are for sale in the area.
Financial experts say that many homes on the market will likely continue driving down home prices.
Ada County saw a 1.3 percent drop in median home prices in March, the first decline in 10 months.
The current situation is good for buyers, not so good for sellers.
Heinrich Wiebe, co-founder of Genius Realty, says he doesn't see any recovery. He says about 63 percent of the homes in the region now up for sale are owned by investors