This is very interesting...from a man who LIVES in Boise...

So glad to see you mentioned Boise in your analysis. You are absolutely right. We are currently in the middle of a major housing collapse (which of course is unacknowledged for the most part by local realtors and media). I know of at least one developer out here who is sitting on $60,000,000 in vacant homes.

There are about 4000+ homes for sale in the greater Boise valley (not so good a number when the whole states population is right around 1 million). The housing inventory is not significantly being reduced even though residential building has come to relative stand still since last year. Developers have been offering "1 day only sales" where they will discount a home up to $55,000. The developers know beyond a doubt what is coming unfortunately the public here in general is still ignorant. Many of the recent residents have come from California and they of course believe real estate only goes up.

I am perplexed about Boise. The median salary is something around $26,000 per year and yet not so extrordinary homes last year were selling for 10 to 15x that amount. Where are the jobs to support this? Answer: They are not here!!! The only people making any real money last year were realtors, mortgage lenders, and developers. Home construction was are job growth. Now that is gone. It is looking very bleak for home sellers.

It just makes no sense. I have known people who have come out here from surrounding states excited about the "cheap" housing and left the next year selling their house for a loss once they found their standard of living actually went down. Idaho is a "right to work state" --- what that really translates into is government sanctioned low wages that guarantee 95% of the workers here with families will survive just above poverty level.


The second thing I don't understand is why there is a significant amount of commercial building happening here even though there is already a tremendous vacancy in those buildings. Just who do they think is going to fill those buildings? It is like the residential bubble all over again in commercial building.

The strangest thing of all is everyone thinks the housing vaccuмm is going to be filled by tens of thousands of people all at once rushing to Idaho even though there are very, very few decent paying jobs. Any people in surrounding states here the spin the tremendouos influx of people from out of state will save the economy and housing market?