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The headline story is that values for the country as a whole have continued to decline. However, looking at the market on a state by state basis reveals a different story as there are many exceptions. Following are a few points to keep in mind when you listen to the news.
1. For the first quarter of 2009, there are 30 states that show an increase in home prices. This evidences that many states that had declined over the last year are beginning to stabilize (Q1 2009 Column).
2. Double digit drops in value over the last 12 months are limited to just 4 states. 17 states are showing increases and the remainder have predominantly small declines (Last Year Column).
3. Despite recent volatility, all but one state has grown in value over the last 5 years with 14 averaging over 7% per year (Last 5 Years Column). Over time, all states have risen at average annual appreciation rates of between approximately 4% and 8% (US Map).
If you find this information interesting, please feel free to forward this along to your family and friends.
Karl Peidl
Senior Mortgage Consultant
Superior Mortgage Corp
(800) 706-6671
Augusta Professional Center, 854 S White Horse Pike, Hammonton, NJ 08037
www.karlpeidlsmc.com
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4 comments • Karl Peidl - Accredited Loan Consultant • June 08 2009 04:49PM