There has been a lot of negative press about the real estate market recently. To understand the whole story, you should also consider local markets.
In Missoula, Montana for instance, the market remains solid. We have a strong economy and Missoula is a desirable place to live. We also have growth/development restraints due to our location and the geography of our mountain ranges and government land ownership. Demand continues to increase for land.
Missoula did not see the same extent of short-term investment activity as other areas. Those "short-term" investors have been hit the hardest nationally.
While some states are seeing an increase in foreclosures, Montana's foreclosure rates are decreasing, along with Utah, Idaho, Oregon, New Mexico, Washington, West Virginia, South Carolina, Maryland & Wyoming.
Two-thirds of metropolitan areas are showing modest price gains and the national median home price in August showed a slight increase. Interest rates remain low and there are still a lot of options for buyers.
Real Estate is still a good long-term investment. Owning real estate also helps build a community and is part of the American Dream - having a place to call your own. With the limited supply of land in Montana, and Missoula, real estate will remain a viable investment for many years to come.
Information Sources: National Association of Realtors, Missoula Association of Realtors
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