Nebraska Housing Predictions from Housing Predictor

Below is some great information about the Nebraska Real Estate Market from an independent real estate market forecasting firm.  This source is just another voice letting us know that the state of Nebraska is economically strong and our cities really are a great place to live and enjoy life! 

NP Dodge Real Estate

Nebraska Housing Predictor Site

Nebraska Some think the elusive bottom of the housing market could be fairly near in Nebraska, despite the recessionary economy and lack of consumer confidence. Nebraska ranks near the bottom of states in foreclosures, and few mortgages are subprime or Alt A loans, which have triggered the avalanche of foreclosures. Nebraska is a key agricultural producing state, and farmers are concerned about the state of the economy. Farm income is still running at about the same as last year, but drops in the prices of commodities could have a major impact on farmers. Plummeting prices for corn and soybeans could have devastating consequences on Nebraska's economy. In fact, more of an impact on the state than real estate in the conservative mid-west. Conservative financing may provide the saving grace for Nebraska's economy. Although home sales and auto sales are down, they aren't nearly down as much as the majority of markets throughout the country impacted by the credit crisis. And lenders are still willing to make mortgages in Nebraska unlike bankers in many other parts of the country. Nebraska still has fairly strong employment hovering around 4%, but it is feeling the effects of the recession. In Omaha the unemployment rate is edging up as more people apply for unemployment benefits. Home sales are also down by nearly half from year ago levels as the fall out of the credit crunch slows the economy.     City     Forecast     Omaha      - 4.1%     Lincoln      - 3.0%     Bellevue      - 3.9% Sales are projected to remain sluggish, but moving in 2009 in Omaha on forecast average housing deflation of just 4.1%. Outside of the state's largest urban center, in Bellevue the market is feeling little impact from the credit crisis, mainly because a military base gives home sales regular movement as military personnel get reassigned. Home sales have slowed but only at single digit levels. Home values are projected to deflate 3.9% in 2009 in Bellevue. Nebraska experienced job growth at a modest 1% in 2008, while most other areas of the country were contracting, but expected job cuts with the recessionary economy could turn that around in 2009. In Lincoln that could make it tough on many homeowners, who are concerned about the nation's recession. Home sales have already tightened and further slowing could cause more foreclosures in the marketplace, which has one of the lowest foreclosure rates in the country. Uneasiness over the national economy has transformed Lincoln's housing market into a buyers market, which is forecast to see average home values deflate 3.0% in 2009. It could be an especially tough year for Lincoln with slower home sales. The elusive bottom of the market isn't even close in Lincoln or any where else for that matter in Nebraska. First time buyers are helping to boost the market as home prices decline and foreclosures gradually increase in Lincoln.