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Stiff says he expects to see home prices bounce up and down near their lows for the next two to three years, especially in the markets that experienced the largest price bubbles.
The Naval Base Kitsap and the Puget Sound Naval Shipyard provide numerous local jobs, a real estate Seattle broker in Kitsap County, which includes the Bremerton-Silverdale area.
Even more encouraging, the forecast in numerous regions across the country is for a healthy recovery by 2014.
The unemployment rate in the area is 7.2 percent, compared to 9.5 percent nationally, according to June data from the U.S. Price levels have fallen about 21 percent from 2007 peak levels, according to the Fiserv Case-Shiller Indexes.
single-family home prices rose an average of 2 percent year-on-year-the first national gain since 2006-according to the Fiserv Case-Shiller Indexes. The U.S. Real-estate professionals attributed the increase to a shift in the makeup of properties that sold. Real Estate Seattle sales and new construction in the area have slowed in 2010, but Fiserv and Moody’s Economy.com expect prices there to shoot up by a total of 44.7 percent over the next four years-9.7 percent annually-the highest forecast among 384 metropolitan statistical areas surveyed nationwide. Already housing has shown some subtle signs of stabilization. The trend is promising, with the increase driven by homebuyer tax credits and gains in such traditionally strong markets as San Francisco and Washington, D.C. ##If you have any questions about Real Estate Seattle market stability, industry trends, school area information, home loan modifications or just need additional sound real estate guidance, feel free to contact Lacey Lingenfelter with your questions. While four years may seem too distant to offer many U.S. home prices to decline a further 4 percent before reaching a trough early next year, by which time prices will have fallen 32.9 percent from the peak levels of 2006.
Real Estate Seattle Bremerton-Silverdale: Less distress, One factor setting Bremerton-Silverdale apart has been a stronger economy than the rest of the U.S., says Stiff.
The decline broke a 13-month string of year-over-year increases.
With expired federal tax credits no longer an incentive, home sales dropped. Buyers closed on 1,474 houses in the county last month, according to statistics released Thursday by the Northwest Multiple Listing Service. Taking into consideration such factors as employment, foreclosure rates, income growth, demographic trends, and construction costs, Moody’s Economy.com and Brookfield (Wisc.)-based financial services industry information firm Fiserv (FISV) estimate that by 2014, U.S. Stiff adds that while the area has a large number of foreclosure and pre-foreclosure homes, the market is less dominated by distressed sales than many other markets. Sometimes things hit bottom with a bone-crunching thud and just lie there in a heap. Fewer sales throughout the nation including Real Estate Seattle. housing market is in the latter camp.
It was the smallest total since February, and a 15 percent drop from July 2009. In the short term, the waning impact of the first-time homebuyer tax credit and increasing foreclosure activity will keep the housing market anemic in most places. Fiserv and Moody’s expect U.S. At some point, everything stops falling. Still, prices in already battered markets continued to fall: Detroit, Las Vegas, and many Florida markets experienced double-digit drops.
Sometimes they bounce back up at least part of the way. In the first quarter, U.S. While it’s unlikely that U.S. She’s a expert at Real Estate and Homes For Sale Seattle, a licensed real estate Seattle agent with Skyline Properties and she has knowledge that you can trust!##
“Hopefully the labor market will be making more steady improvements by next year.”
About the Author
Real Estate Seattle licensed agent Lacey Lingenfelter has many real estate resources. Visit www.newhousematch.com
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