Idaho Housing Prices Drop 16 Percent in First Quarter

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Idaho housing prices continue to plummet. In fact, The Washington-based Federal Housing Finance Agency reported today that Idaho had the biggest drop in prices during the first quarter of 2011 from a year earlier, at 16 percent.

According to the report, nationwide, U.S. home prices dropped 5.5 percent in the first quarter, the biggest decline in almost two years. Sales of discounted foreclosures are being blamed.

The FHFA's measure is based on properties with loans backed by mortgage financiers Fannie Mae or Freddie Mac. According to the National Association of Realtors, foreclosures and short sales, in which banks agree to let properties sell for less than their loan balances, have accounted for about 38 percent of transactions this year.