The Idaho Stateman has this report on the local reaction to speculators. "Some homeowners associations in Meridian are looking to limit the number of rental homes in their subdivisions in an apparent backlash against outside investors snapping up Treasure Valley real estate."

"In the past couple years, property investors from California and other states..bought homes throughout the Valley. In the first nine months of 2005, Boise ranked fourth highest in the nation for the share of home loans taken out by investors, according to LoanPerformance."

"At least one HOA in Meridian changed its covenants to limit rentals while others are exploring fines and enforcement to force rental property upkeep."

"Last month, homeowners in Meridian's Mid-Town Square voted to allow only 20 percent of rentals in its small subdivision. The HOA board was concerned off-site owners might not maintain their properties to subdivision standards, said president Claudia Most."

"'Our real intent was to try to kind of nip it in the bud up front, rather than trying to enforce it,' Most said. 'What we intended to do is protect property values in the neighborhood.'"

"And one local developer simply won't sell to investors anymore. Don Hubble said his company, one of the largest homebuilders in the county, stopped selling to outside investors about a year ago. It was an unpopular decision with investors, he said."

"The company's decision came at a time when the market was hot and investors were coming from around the country to buy local property."

"Other Meridian HOAs also are looking at legal ways to limit the number of rentals said Bonnie Speas, who works for AMI property management. 'The biggest problem I am seeing as a neighborhood manager with rental properties (is) a lot of the homeowners are out of state and they are not aware of what is happening at their property,' Speas said."