Commercial PropertyRegional Report: West
But Realty Times contributor Broderick Perkins argues that, despite the gloomy news, it"s not as bad as it looks.
He says the housing slump and subprime mortgage induced credit crisis, combined with a weak US dollar and energy cost inflation, are putting California"s economy in a vise, but the squeeze isn"t enough for a recession.
And government efforts to stimulate home buying seem to be working in the West for both ends of the market.
Steve Haussler of Pasadena, California, reports that the market for homes ranging from $400,000 to $2.5 million remains strong, with anything over $2.5 million being totally unaffected by the downturn.
And if you look further north, Washington state seems to reflect a similar trend.
Cassandra Barbar of Mercer Island, Washington, says that higher end homes over $3 million are selling fast, and that the large inventory in her area is really starting to move.
That"s for great buyers and sellers sitting at the very top end of the income bracket, but there is good news for the rest of the market, too.
Pauline Hofseth of Anchorage, Alaska, says the $200,000 to $300,000 price range is doing quite well, with strong buyer activity.
And Kelly Hanson of Coeur d"Alene, Idaho, says that homes priced under $200,000 are selling well.
All these reports seem to point towards a market turnaround in the West, and a strong housing market in the West should indicate a rebound for the rest of the country as well.