A Good Read! Please visit Bill's original post to comment!
More good news for the real estate industry!!
According to the Office of Federal Housing Oversight's Housing Price Index for the 2nd Quarter of 2008 released August 26th, 30 of the 50 States had positive changes in house prices from June 2007 through June 2008, including our very own Washington State!
Only 4 States (Arizona, Florida, Nevada, and California) experienced overall price declines of more than 5 percent.
The 20 ranked cities in the United States with the worst price declines over the last 4 quarters were ALL in Florida, California, and Nevada.
I really do sympathize with the people of these four fine States. Some of the price declines they have experienced are simply horrible! However, there are 50 States and only 4 with truly bad news for the last year. The rest of the country is simply experiencing a market correction from a rapid increase over the last 5 years combined with some sloppy loan practices that hurt the lending industry. The United States overall had a -1.71% change over the last year (skewed down heavily by the 4 troubled States). However, even with the challenges over the last year, the United States STILL has had a 34.84% increase in home prices over the last 5 years! - How is that supposed to be bad???
Over the last 5 years, Arizona STILL gained 62.68%, Florida STILL gained 54.03%, Nevada STILL Gained 50.81%, and California STILL gained 41.81% despite the losses of the last 4 quarters.
It is time for the news media to put away the "Chicken Little - The Sky is Falling" type stories. The truth is that the nation's real estate market is rebounding.
- I've posted the top 30 States in the comments section, CLICK HERE to see them.