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In Many Markets, the Outlook Varies Widely by Community; Researching Foreclosure Rates

In this battered housing market, choosing the right neighborhood is more important than ever.

Some six million Americans are expected to buy a house this year. Whether first-time home buyers scouting the Chicago suburbs or a midcareer worker relocating to Denver, they are all contemplating what may be the most significant purchase of their lives at a time when no one is certain how much lower prices might go.

If you are relocating for your job, you likely can’t pick which region you move to. But you can pick where you live within that region, and that could have a big effect on whether or not your home turns out to be a winning investment.

Home-price declines can last for years. The Greater Boston Association of Realtors says that prices there began falling in 1988 and didn’t return to those levels until 1992. Houston’s oil-bust downturn of the 1980s lasted a similar amount of time.
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Tags: real estate

This entry was posted on Monday, March 17th, 2008 at 8:52 pm and is filed under Real Estate News. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.