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The Lost Decade

Excluding distressed sales, the top five states with the highest appreciation were: South Dakota (plus 5.1 percent), District of Columbia (plus 4.9 percent), New York (plus 3.4 percent), Mississippi (plus 2.8 percent), and California (plus 2.8 percent). Courtesy of CoreLogic

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After reaching bottom, prices will gain at the historic annual pace of 3 percent, requiring more than 10 years to return to their peak, according to Mark Zandi, chief economist of Moody's Analytics. Rising housing costs will eventually lead us out of the Great Recession, giving hope to landscape professionals.

Prices dropped in 36 states in July from a year earlier, according to CoreLogic Inc., a Santa Ana, Calif. real estate and financial information company. Its housing index showed the biggest declines in Idaho, Alabama and Utah. Maine, South Dakota and California had the largest gains.

Working through the surplus inventory varies by markets and depends on issues such as local employment and the amount of homeowner debt, said Sam Khater, chief economist for CoreLogic. Nevada has the highest percentage of homes with mortgages more than the properties are worth, while New York state has the lowest.

- Courtesy of Bloomberg News

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August 17, 2019, 10:52 am PDT

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