NAMPA — Title One President Mark Tidd considers small businesses that were able to make it through the tough times of the recent recession a success story, but he said the economy is turning the corner and there are positive trends happening.
In a presentation at the Nampa Chamber’s Business and Breakfast event Thursday, Tidd said in Ada and Canyon counties real estate loans peaked in 2006 at 60,000. That number tumbled 70 percent to just 17,000 between the two counties in 2011.
“As you can imagine, when your business volumes drop 70 percent, regardless of the period of time, there’s some challenging decisions you have to make as a company,” he said.
Title One, a title and escrow company, got through that period by communicating honestly and frequently with its employees, Tidd said — one of seven lessons the company learned through the recession that he shared Thursday. The company has also learned to embrace change, have a Plan B ready and not quit.
Tidd said positive economic indicators including a low interest rate environment, continued employment expansion, a record-high stock market and a nationwide increase in new home sales show the economy is turning the corner.
Locally, distressed home sales are down 50 percent in Canyon County while the median home price is up nearly 23 percent, he said. Forbes magazine also ranked Boise third in the country for metropolitan markets leading the housing recovery in February.