Your Distressed Property and Short Sale Expert in Maryland
Are we heading into a double-dip recession in the housing market?
Of the 20 urban areas rated by S&P/Case-Schiller home price index, only Washington DC showed a significant increase in home prices in the last year - a substantial 3.6%. (San Diego had a tiny .1% increase)
We already knew that in Frederick County Maryland, being a bedroom community to DC.
Advantages in the DC area are: lack of an inventory glut; 74,000 more jobs over last year; and more people are moving to DC, causing the rental vacancy to fall to a scant 3%.
However, the recession may continue, with home prices expected to keep decreasing nationally, and no evidence of any improvement in the housing industry, which has traditionally lead economic recoveries.
Worries locally are the "shadow inventory" of foreclosed homes the banks haven't placed on the market yet, and the probable reduction of the jumbo loan threshhold from $729,750, because so many home prices surpass the former threshhold.
Do you think we are headed for a double-dip recession?
Do you think the banks are largely responsible for this mess?
Will DC home prices continue to rise?
Dennis
www.Frederick-MontgomeryCountyHomes.com
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