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Geography of Recession
Wednesday, February 13, 2008
1:23:00 PM EST
Economist: Who's Hot, Who's Not for Unemployment
Thought this chart did a great job of explaining some of the reasons why some housing markets are doing so poorly while others probably don't have a whole lot to worry about in the long term.
With employment above 5 percent in places like Michigan and Nevada, those housing markets are probably not going to bounce back any time soon. But with employment below 4 percent in states such as Utah and (ahem) Virginia and Maryland, there's probably little reason to panic. In fact, Forbes just listed Richmond, Va., as one of the best cities for bargain hunters, with one of the lowest foreclosure rates in the country. Number one on the list is Salt Lake City.
At the same time, this Zillow survey on seller expectations has been getting a lot of attention. While you could argue that homeowners in the West are the most out of touch with their valuations, which Zillow has going down 8 percent, they are also the most in touch, with 34 percent of owners acknowledging that their valuation has gone down, the highest in the country. The number that say their valuations have stayed the same is also the lowest. What if the 36 percent live in Washington State, Utah and other states where valuations haven't gone down as much?
If anything, the South seems the most upside down. You see that Zillow has their valuations falling 4 percent, second worst in the country, but 37 percent of southerners think that their valuation has risen and only 21 percent think their valuations have gone down. In the Northeast, Yankee owners seem to be staying put, with 47 percent of owners thinking their valuation has basically stayed the same. But according to the Economist, with unemployment above 5 percent in Maine and Connecituct, the Northeast as a region is hardly impervious to the bust cycle.
The one market that really stands out to me is Charlotte, which is right between NC and SC, where unemployment is fairly high. But homes are considered to be so affordable by East Coast standards, even if they went down by 5 or 10 percent, it wouldn't be that bad in terms of total dollar amounts compared to losing 30 percent of the value of your million-dollar home in California.
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1:23:00 PM EST
Geography of Recession
Thought this chart did a great job of explaining some of the reasons why some housing markets are doing so poorly while others probably don't have a whole lot to worry about in the long term.
With employment above 5 percent in places like Michigan and Nevada, those housing markets are probably not going to bounce back any time soon. But with employment below 4 percent in states such as Utah and (ahem) Virginia and Maryland, there's probably little reason to panic. In fact, Forbes just listed Richmond, Va., as one of the best cities for bargain hunters, with one of the lowest foreclosure rates in the country. Number one on the list is Salt Lake City.
At the same time, this Zillow survey on seller expectations has been getting a lot of attention. While you could argue that homeowners in the West are the most out of touch with their valuations, which Zillow has going down 8 percent, they are also the most in touch, with 34 percent of owners acknowledging that their valuation has gone down, the highest in the country. The number that say their valuations have stayed the same is also the lowest. What if the 36 percent live in Washington State, Utah and other states where valuations haven't gone down as much?
If anything, the South seems the most upside down. You see that Zillow has their valuations falling 4 percent, second worst in the country, but 37 percent of southerners think that their valuation has risen and only 21 percent think their valuations have gone down. In the Northeast, Yankee owners seem to be staying put, with 47 percent of owners thinking their valuation has basically stayed the same. But according to the Economist, with unemployment above 5 percent in Maine and Connecituct, the Northeast as a region is hardly impervious to the bust cycle.
The one market that really stands out to me is Charlotte, which is right between NC and SC, where unemployment is fairly high. But homes are considered to be so affordable by East Coast standards, even if they went down by 5 or 10 percent, it wouldn't be that bad in terms of total dollar amounts compared to losing 30 percent of the value of your million-dollar home in California.
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3/1/08 12:57 PM
Not just the USA.
Sell your house if you can and try to save some money in the process. Here use a real estate broker with flat rate mls capabilities.
Real Estate flat fee mls
http://www.realestateflatfeem