Wednesday, March 4, 2009

Rochester housing market is faring better than most

Below is an opinion article written by Chad Carpenter that recently showed up in the Post-Bulletin. Chad is chair of the Grow Rochester Coalition, an advocacy group consisting of representatives from the Rochester Area Chamber of Commerce, the Southeast Minnesota Association of Realtors, and the Rochester Area Builders. The coalition was formed to bring together the three largest member groups in Rochester. Their mission is to promote orderly growth and development of the Rochester area through advocacy, education, and awareness.

Rochester housing market is faring better than most
We live in a community where we can consistently say that we are one of the "most livable cities" in the country. Despite the economy, it is important to keep things in perspective, especially when looking at the housing market.

According to local and national statistics, the Rochester market is weathering the national housing downturn in more than 30 years significantly better than many other markets around the country. We avoided the big run-up in prices and the flood of speculators and investors that are now resulting in slumping home sales, declining prices, and increased foreclosures in the formerly super-heated markets around the country.

Home values in Rochester peaked in 2006 after having appreciated by more than 26 percent from 2001 until 2006, and have only dipped by under 4 percent since then.....CLICK HERE FOR FULL ARTICLE.

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