USA Today Name's Bellingham, WA #2 for Homes Holding Steady

Bellingham, WA Ranks #2 for "Homes Holding Steady" According to USA Today.

According to the USA Today “Homes holding steady - Cities with the lowest percentage of homes purchased within the past year that are now worth less than is owed on them… #2 Bellingham, WA 0.9%”
Published in the Money section of USA Today Snapshots® (Print only)

This is an interesting article about Bellingham’s real estate market. For several years now there has been a public opinion that a real estate bubble exists in Bellingham, yet the market has continued to move forward. In the last quarter of 2007, there was definitely a stretch where home prices in Bellingham seemed to level out. There was also a public perception that home prices were falling, but statistics showed that home prices actually increased during this time period.

The perception of falling real estate prices came from the large amount of listing prices being reduced. It is true that listing prices were falling, but the actual closed sale prices were increasing. Home sellers in Bellingham had become accustom to rising home prices. Accordingly, they listed their homes for more money than they were worth at the time. For this reason I see a lot of truth to the article written by USA Today. I believe that the number of homes purchased within the last year that are now worth less is probably very close to 0.9%.

In conclusion, I wish that USA Today would have written a full article on the subject. It is always nice to here good news about our local real estate market, but it would have been nice to get a little more information about the statistics.
 

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