The Federal Housing Finance Agency (FHFA) released their quarterly House Price Index on May 27th 2009. This report shows trends in house prices for the 1st Quarter of 2009, the Last Year and the Last 5 Years.
In this last category, statistics for the last 5 years, Washington clearly outpaces every other State in the Nation. Our fine State has an incredible 9 of the top 20 market gains in house values over the last 5 years! That’s an incredible statistic when you realize that the FHFA recognizes 294 markets in the United States.
If you’ve owned a home in or near Wenatchee, East Wenatchee, Spokane, Bellingham, Mount Vernon, Anacortes, Olympia, Bremerton, Silverdale, Tacoma, Vancouver, Seattle, Bellevue, or Everett for the last 5 years, congratulations! You’ve made a great investment.
Homes aren’t a short term investments like stock. Homes are long-term assets that are rightfully viewed in years rather than months. You don’t buy a house and sell it a few months later, right?
The last year has been rough for the housing sector, no doubt. However, Washington State and Skagit County (Mount Vernon – Anacortes) in particular have not been hit anywhere near as hard as the bulk of the country and we’re already recovering... The 1st Quarter of 2009 actually reported a gain in home prices, albeit a trivial .17 percent. It is still a positive number in this shaky economy trying to make a comeback. I don’t know about you, but I’m happy with that number!
I’m also very happy that my home’s value and the homes that my customers have bought through my services over the last 5 years have risen by over 50% in the last 5 years. It’s time for people to stop railing against home ownership and remember that it is the American Dream!
Labels: Federal Housing Finance Agency, FHFA