Here is an interesting article from Zillow Blog. It does not site Seattle on the list, but as you can see from the graph on the left, March to December of 2009 saw a definite increase. One might construe the "bottom" hit March of 09'. However, this winter we will see another dip. Addtionally, I agree that home values will not full recover this coming year as many more foreclosures loom next year. Obviously this is King County Seattle area real estate, but
Pierce County, Washington and the Greater
Tacoma, WA area are always benefactors of proximity. We look to our big Sister for trends and market watch.
... Home Values Have Been Stabilizing U.S.
homes lost $489 billion in value during the first 11 months of 2009. That’s significantly less than the $3.6 trillion lost during 2008 and evidence that home values are stabilizing, says Zillow.com, online
real estate research firm.
Properties in 48 of the 154 markets tracked by Zillow rose in value this year, but Zillow’s Chief Economist Stan Humphries believes prices could decline again in 2010.
“We believe that demand will come under downward pressure as
mortgage rates creep back up after the first quarter and that housing supply will experience upward pressure as the volume of foreclosures continues to remain high. Both these factors will challenge the recent stabilization of home prices," Humphries said in a statement.
Areas where home prices rose the most in 2009 were: Boston Providence Denver, Colo. Atlanta, Ga. Rochester, N.Y.
Areas where homes continued to lose the most value: Los Angeles Chicago New York Miami-Fort Lauderdale Phoenix
Source: Zillow.com (12/0920/09)
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