Wisconsin Real Estate Market: When will My Home Value Return?

Online Home Mortgage Logo

left curve right curve
Home Mortgage Resources - Don't be a victim of SCAM! Mortgage Fraud, Scandal and Scams. Current Mortgage Crisis Help!

NEED TO KNOW - MORTGAGE INFORMATION

Departments: 

online home mortgagemortgage forum



Home Buyers:

home buyingmortgage info

Home Owners:

home equityrefinancing

Additional Information:

avoiding scamscredit reportforecloseabout usgovernmentresourcesmortgage linksloan definitionsloan horror storiessitemapcontact us

 

Wisconsin Real Estate Market: When will Home Values Return?

Perhaps the best question surrounding your Wisconsin home value is: how low can it go?

While other states have bottom out, leveled off and started an upward trend, home values in Wisconsin are now, once again, hitting the lows experienced during the height of the recession last year.

Home Values Tumbling

The S&P/Case-Shiller home price index found that home prices have fallen six months in a row in Wisconsin. When can you expect your home value to grow again? The peak prices experienced in the second quarter of 2007 are not expected to return to Wisconsin until the fourth quarter of 2017.

The Federal Housing Finance Agency reported that home prices fell 1.9 percent from the fourth quarter to the first quarter of 2009. Many economists believe that housing prices will once again dip, thereby testing the lows experienced last year.

In fact, according to an economist with the IHS Global Insight, prices will fall 6 to 8 percent in the upcoming months, thereby taking housing prices well below last year’s low. Home prices are not expected to begin an upward cycle until well into next year. The bulk of the recovery in the Wisconsin housing market is not expected to begin until 2012.

One of the factors responsible for the decline in home sales and values is surely the loss of private-sector jobs. In fact, this state lost private-sector jobs in June for the third time in four months. To put this into perspective, the State Department of Workforce Development reported that private employers shed 1,000 positions in June. Nearly all sectors, including manufacturing, arts, entertainment and information and financial services, showed a decline.

In addition, the local, state and federal government lost thousands of jobs in June. Wisconsin’s unemployment rate now stands at 8.2 percent.

Home Sales Slowly Increasing

Although home values are going nowhere fast, home sales are beginning to look positive, as sales of existing homes increased nearly 17 percent in the first quarter of 2010, compared to the same period a year prior (the Midwest region saw an increase of about 11 percent). These numbers surpassed the national average, as well as several neighboring states. However, economists are expected to watch these numbers closely now that the federal tax credit has expired.

In conclusion, the Wisconsin housing market has many hurdles to leap, with one of them being a loss of jobs and low home values. If you own a home in this region, its value is not expected to begin recovering until 2012, and it is not expected to reach its 2007 peak levels until the fourth quarter of 2017.


10 Largest Cities in Wisconsin:

1. Milwaukee 596,974   6. Appleton 70,087
2. Madison 208,054 7. Waukesha 64,825
3. Green Bay 102,313 8. Oshkosh 62,916
4. Kenosha 90,352 9. Eau Claire 61,704
5. Racine 81,855 10. West Allis 61,254

 

 

mortgage moving gif

MORTGAGE HOME | FORUMS | HOME BUYING | MORTGAGE INFORMATION | HOME EQUITY | MORTGAGE REFINANCE | AVOIDING SCAMS | CREDIT REPORTS
FORECLOSURE | GOV HELP | ABOUT US | RESOURCES | LINKS | DEFINITIONS | HORROR STORIES | SITE MAP | CONTACT US

Copyright © 2003-10 Online-home-mortgage.net. All Rights Reserved.