Anyone who has asked me in the last year about where I think housing prices are going has received the same answer... "We are either at bottom or very close to it and we should be see good recovery by 2014." This isn't just my best guess, it's what economists and real estate experts have been predicting. This week it finally appeared in the national press. Here's the an excerpt from the article "Top 10 Housing Markets That Will Be Strongest by 2014" from Yahoo/Business Week:
Biggest home price increase projected in 2014: Bremerton-Silverdale metro
The Bremerton-Silverdale area, on Puget Sound's Kitsap Peninsula, has the highest growth forecast of all MSAs in the country, with prices expected to jump 44.7 percent by 2014, according to Fiserv. Cathy Doney, general manger for Reid Real Estate in Silverdale, says the waterfront community has benefited from government employment, which has helped sustain the job market, and attracted buyers looking to live close to Seattle at a lower cost. Washington’s second-strongest market is Tacoma, with a growth rate expected to be 33.1 percent. Prices in the Seattle area are expected to grow 25.5 percent by 2014.
Index used to calculate historical home price changes: Case-Shiller
Housing values in Pierce County have dropped around 20% since 2006, so 33.1% growth is very good news for anyone who purchased or pulled equity out of their home in the last 8 or so years. Hang in there!
Let's see... With this news and interest rates hovering around 4.25%, when might be the best time to buy?
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