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Are you in one of the "Recovering" states?

By
Real Estate Sales Representative with Deeb Realty

According to Moody's Economy.com 11 states are recovering from the recession. In 38 states the recession is slowing. Only Nevada is considered to be still "deep in recession". You can go to Stateline.org to see where your state falls. We have seen less effects of the recession here in Nebraska even with over 9000 jobs lost, our unemployment rate is 4.9% comparaed to the national rate of 10.2%. I like this information when I tell sellers that prices have fallen here, but our 4% per year drop for the last two years is nothing compared to up to 40% drops elsewhere. It is nice to see some states are considered recovering. I like to have as much positive data as I can to give clients and my sphere.

http://www.stateline.org/live/sections/Recession+%26+Recovery#map

Steve, Joel & Steve A. Chain
Chain Real Estate Investments & Mortgage, Steve & Joel Chain - Cottonwood, CA

Ben & Renee, It appears that states the didn't experience the steep run ups in values typically didn't experience the steep down turns either.  Is that true for Nebraska as well?

Nov 13, 2009 12:48 AM
Ben and Renee Lampman
Deeb Realty - Omaha, NE

Steve

You are right. We have an average of 3-4% increase in value peryear when things are good. So our depreciation has been along those lines. We do have some areas in Omaha for instance that have had up to 12% in value loss but they are mostly near tract building communities that tend to drive values down.

Renee

Nov 13, 2009 12:57 AM