I wish I had a little crystal ball so I could tell exactly will happen to home values over the next few months, but it may not be anything like the price drops back in 2008. In three of the last 5 recessions home prices actually went up.
Coming into 2008 there were plenty of homes on the market and plenty of new homes being built, the home equity loan market was much more active than it is now, and there were lots of BAD loans out there. After that crisis loan programs tightened up, new housing starts dropped to realistic and now there's actually less inventory homes out there for sale. Hopefully home values will continue to grow into the future.
If you have any questions about real estate, feel free to get in touch with me, I'm always happy to talk shop and give out free information. www.propertybysteve.com
Keller Williams Mid Willamette real estate agent
Steve Frisbie is a licensed real estate agent in the State of Oregon. REALTOR®. Equal Opportunity Housing Provider. Each office is independently owned and operated.
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