Quarterly Home Prices Drop Show Largest Decrease In History
Today, the AP reports second quarter home prices drop the
largest since the inception of Standard & Poor's Case/Shiller
U.S. National Home Price Index. The drop is 15.4 percent lower than
last year. I'm reminded of this blog entry!
The Tri Cities Washington market, however, is maintaining property values. Actually, Washington state as a whole, isn't too bad either! Never a better time to buy property in the Tri Cities than now!
Related:
The Lane Real Estate Team providing daily listings of Kennewick Homes. || Call us at 509.438.9344 today! || Given tough economic times in many locations in the United States, consider a move to Tri Cities Washington. Our Tri Cities economy is holding strong!
Spoken Gently
Who We Are We are TeamLane. We are Joe and Colleen Lane of The Lane Real Estate Team. We service the Tri Cities Washington areas of Kennewick... Read More
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There are currently 3 Responses to this blog entry.
judyo
I just spoke to a client about price drops and they just didn't want to believe that this is happening in the Midwest to the same degree as the West Coast and Las Vegas & AZ, etc. I had to show her our statistics so she could see the facts.
Normally, our area isn't hit as hard as others but our prices are still continually dropping.
Spoken Gently
Thanks for commenting Judy. In the Tri Cities we've been 'cocooned' from the effects the industry is facing in other parts of the country, however, I worry! Right before things went south in the stock market last fall, we invested in some land locally. A good investment, but I wonder when we wil be able to realize the gains from the property.
judyo
I still look at real estate as a long-term investment. We'll be looking this winter for our "pre-retirement" snow-bird condo in AZ because now's the time to buy! However, some will tell me to wait, prices will keep dropping. We'll be holding onto this condo for at least 10 years if not longer. So I'm not really worried if prices continue to decline. I don't want to wait until next year if prices start increasing. No one has a crystal ball!