Monday, September 11, 2006

Inman - "Real estate market is weak, but won't crash" (9-11-06)

"An economic report by the American Express Bank Ltd. concludes that a crash in U.S. house prices and an economic recession are unlikely, though the housing market 'is particularly weak.'"

"While the report states that 'it would be brave to buy residential property in the U.S. today in the face of a slowing market,' it also notes that some real estate markets are going strong. Nine states that had below-average price gains over the past five years are now experiencing year-over-year price increases of 12 percent or more from second-quarter 2005 to second-quarter 2006: Idaho (20 percent), Oregon (19 percent), Washington state (17 percent), New Mexico (15 percent), Utah (15 percent), Wyoming (14 percent), Alaska (13 percent), Montana (13 percent) and Louisiana (12 percent)."

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