WCRER Housing Analysis/ 2008 4th Quarter/ Island County WA

According to the Washington Center for Real Estate Research 2008 Fourth Quarter Housing Analysis; Island County home re-sales were down -13.4% from the previous quarter, and down -21.4% from the fourth quarter in 2007. Statewide home re-sales were down -15.8% from the previous quarter and down -29.1% from the fourth quarter in 2007. Overall building permits in Island County are down -58.8% from the fourth quarter of the previous year, in comparison to the -53.4% reduction statewide. The median re-sale home price in Island County is down to $298,000, (down -1.0% from the fourth quarter in 2007), above the statewide median of $266,700, (down -9.3% from the fourth quarter in 2007),. The 2008 fourth quarter Housing Affordability Index (HAI) was 86.8 for Island County, lower than the statewide index of 107.5.

Real Property's Life Cycle, Growth, Equilibrium, Decline and Revitalization

In terms of the effects of change on real property, ordinary physical deterioration and market demand have indicated 4 stages through which an improved property will pass:
Growth- When improvements are made and property demand expands
Equlibrium or Stability- When the property undergoes little change
Decline- When the property requires an increasing amount of upkeep to retain its original utility while demands slackens
Revitalization or Rehabilitation- Which may occur if the demand increases, serving to stimulate property renovation.
The first three stages of a property's life cycle are also termed development, maturity and old age. The principle of growth, equilibrium, decline and revitalization can also apply to entire neighborhoods.
Bellingham's neighborhoods are constantly changing it is very interesting to see some of the changes taking place because of new external influences etc.

Excellent Resource Online Interactive Home Loan Education For The Public

The Mortgage Bankers Association (MBA) announced the launch of its updated Home Loan Learning Center (http://www.homeloanlearningcenter.com/), an interactive online resource that provides consumers with critical information on mortgages and the home-buying process.
MBA created the Home Loan Learning Center to inform consumers about options that best fit their life circumstances when buying a home. The Web site provides essential loan, credit and other valuable information using a simple and very user-friendly approach.
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Disclaimer: Bennett Appraisals does not promote any other companies or products we just appraise residential properties in Whatcom, Skagit and Snohomish Counties WA.