How do you put this tactfully? 2009 was a tough year for the global economy and for the Southern Oregon real estate market. Fortunately for the market, the housing sector is today in a stronger position at the end of the year than it was at the beginning. 2009 will no doubt be remembered as a year of transition; as a year that signaled the beginning of the recovery for national real estate markets and for the Southern Oregon real estate market. And none too late.

2009 saw foreclosures and short sales dominating the landscape, and taking with them in their wake the security of home equity which was reduced to record lows. In fact, real estate prices began to fall in 2005 and have since fallen to near 2003 levels. The fall to these levels has taken 4 years making the economic protraction appear to be lasting forever and a day.

I’ve never been one to wallow in the mistakes of the past, but rather to learn from them in order to move forward. 2009 was the year that forced the real estate market to turn the corner on recovery, by responding with lower prices and tax incentives as the means of reducing inventory and stabilizing prices. To that end, 2009 was a success.

And now, as we gaze ahead to the future, it appears that regulations geared to facilitate both foreclosures and short sales are now engaged. More fluid paperwork will certainly result from these measures and continue to assist in attaining a sustained housing sector recovery. 2010 will continue to see incrementally rising prices and rising numbers of sales. So ask yourself this: of all the countries in the world, which would you choose to reside in and own property?

There’s no place like home.

Michael Masters

A Socially Conscious Real Estate Consultant

     

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