Tuesday, August 28, 2007

Today's Examiner..."Local Housing Market Stable as National Markets Keep Falling"

According to the Examiner today, on page 5, the local market has held steady for the month. At least so far. According to David Francis and Melissa Frederick, the DC and Baltimore regions have displayed "resiliency" against the turmoil of the rest of the country. NAR (National Association of Realtors) even reported a 3% increase in home pricing in Baltimore and Northern Virginia. In an article I wrote on August 10th, Average DC Home Price Up 4% over July '06, further data shows the District is up 4% over a 12 month period from July '06-July '07.

Lawrence Yun, chief economist for NAR told David & Melissa that "the inner counties [are] doing very well," buoyed by strong job growth. Yun went on to say that the outer counties are picking up and will soon be following suit.

At this point, at least through the end of the year, despite market stability, it seems to be an uphill battle. With the media exposure of a market downturn across the nation in addition to the seasonal trends of fall & winter, we may not directly understand our stability until next spring, which both myself and one of my mortgage brokers from Countrywide, Leila Search, are predicting will peak rather early in the season.

I can't express how grateful I am for having the market stability of the area. Fortunately for everyone DC has provided a "safe haven" for us property owners despite what the rest of the country is undergoing in these undoubtedly difficult times in our industry.

Melissa & Davids article can be found here.

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