A recent study conducted by LPS (Lender Processing Services, Inc.) reveals further evidence that the downturn America is experiencing in the housing market is regional. LPS compared some of the top housing markets and their year over year change in sales prices while including and excluding REO sales. Phoenix and California were a few of those which topped the list for the highest percentage of home price declines but the following was discovered about our market:
LPS reported that the gap between home prices with and without REO sales was smallest in Seattle, New York, and Cambridge, Massachusetts. The company says this is further evidence that the current downturn in the housing market is regional.
Despite our current economic downturn and the housing bubble bursting nationwide, Seattle is still one of the most coveted housing markets in the country and that is a good thing for all of us in this industry to keep in mind.
Photo Courtesy of papalars
