The End Is Near?

With the current economic outlook on uncertain ground and the housing market is still losing ground in many parts of the country, a new report by Moody’s Economy.com suggests that the end may be near and that there are some positive signs that conditions in the housing market could improve this year.

The report, “Housing in Crisis: When Will Metro Markets Recover?” states that in the three years since the market started correcting, “inventories are flattening, prices are coming back down to earth, and sales are approaching stability.” Of course, the outlook relies on strong action by America’s. Policymakers, we do still need further government intervention. With federal action to repair the housing and credit markets we will see recovery this year.

The study shows that from the peak of the housing boom in early 2006 until the anticipated end of the downturn this year total single family home sales will have declined by 40% and prices will have decreased in 70% of the U.S. major metro areas.

The worst of the worst? Approximately 10% of U.S. metro areas will have experienced price declines that may exceed 30% when compared to early 2006.

Whatcom County's average sales prices are down 10.7% when comparing January 2009 to January 2006.