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Kitsap County WA Real Estate: “Recovery or Relapse?”

November 20th, 2009 by Rich Jacobson

kitsap-county-wa-real-estateAn article in today’s Wall Street Journal casts a dark cloud over recent optimism that the housing market, and US economy in general, is in recovery (to read the full article, go HERE).

According to the article, authored by James Hagerty and Sara Murray, new home starts were down 10.6% compared to last month. They also quote current foreclosure statistics from LPS Applied Analytics, a research firm in Denver that 3.4% of US households (or about 1.9 million homeowners) are 120 days or more overdue on their mortgage payments, but are not yet in foreclosure.

What this means is that even more bank-owned homes and short sales will be flooding the market over the next year, adding homes to many areas that already suffer from over-supply.

How this will affect the Kitsap County WA real estate market is any one’s guess. The past few months have seen a significant drop in the number of foreclosed homes, compared to numbers posted mid-Summer. In July, nearly 190 homes fell into foreclosure versus just over 60 in October.

With the recent extension of the $8000 1st-Time Home Buyers Federal Tax Credit until July 1, 2010, we should see continued activity and positive opportunities for this segment. In addition, a Repeat Buyers Tax Credit up to $6500 was also approved, providing added incentive for current homeowners (to read more about these recent tax credits, go HERE).

Obviously, the people most challenged will be those who need to relocate, but bought their homes at the peak of the market. With little or no equity, competing against dropping home valuations, and the pending increase of foreclosures, will make selling these homes difficult, to say the least.

If you find yourself in a difficult or challenging situation, give me a call and I’d be glad to assist you, and discuss available options (360-440-4758).

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Rich Jacobson is a licensed real estate professional providing knowledgeable empowerment and relentless representation for his clients of residential properties and vacant land throughout all of Kitsap County WA and portions of Pierce, Mason, and Jefferson Counties. You can also find him at KitsapLife.com, ActiveRain, Crabbing in the Hood, Facebook, Twitter, or e-mail:  kitsapagent@gmail.com

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