From Housing Predictor.com, the forecast for Nebraska sounds pretty good!
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.
Sales are projected to remain sluggish, but moving in 2009 in Omaha on forecast average housing deflation of just 4.1%.