Housing in 2009: Better than you may have thought
April 12th, 2010
Written by Greg Frost
Categories: Economy, First-Time Homebuyer, Homebuying, Mortgage News
Housing market changes by state
Housing appreciation annually by state 1975-2010
The housing market has been fighting some particularly strong headwinds. We have unemployment hovering at the double digit levels, disruptive appraisal requirements, more challenging loan underwriting and in some areas, foreclosure or distress sales exerting their negative influence. Despite all this, the overall results for 2009 were not as devastating as the media would have you believe. Here are a few points to ponder:
First, while falling values predominated across the country, there were only three states where values fell by double digits. Many other states saw only fractional or small declines and a few even saw nominal appreciation.
Second, the financial news media likes to focus on the very significant rebound in the stock markets last year yet only rarely reports that over the last 5 or even 10 years an investment in the S&P 500 has gone nowhere. Conversely, all but 6 states have shown appreciation in home values over the last 5 years with many exceeding 20% and a few even totaling over 30%.
Finally, over time, home prices in all states have risen at average annual appreciation rates ranging from the high 3’s to over 7.5%.
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