Real Estate Is Heading Back to Its Better Days In Omaha and Other Areas

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After the housing bubble burst in 2007, there was no telling how long it would collectively take the nation to bounce back – much less the Greater Omaha area. After several years of difficult times, including countless foreclosures, short sales, bankruptcies and setbacks to our economy, we can finally say that it’s time to move on – literally.

Home Prices Expected to Rise Annually for the Next Five Years

More and more consumers are reaping the benefits of a stronger economy and it is apparent in the very strong numbers showing up on the newest Fiserv Case-Shiller Price Index. Across the board in the country in many markets, including our local marketplace, homeowners are enjoying increased values. What’s more, the Fiserve Case-Shiller index cites potential increases to the tune of more than 3% annually moving forward through the next five years.

Taking a close look at the relatively recent past of our housing market, we saw an increasing inflated bubble from the late 1990s to 2006, at the height of the market’s boom. But it didn’t take long for the harsh impact of our real estate crisis to hit home, with prices plummeting almost 40% to as late as September last year.

Recovery On the Horizon in Many Major Metro Areas Across the Nation

Sometime in the fall of 2011 we started to see some improvement, more so in some areas than others. Among those once hardest hit areas that have come back with a bang from September 2011 to 2012 are Detroit, San Jose, California and the strongest comeback metro area, Phoenix with a 21% increase in prices during that time.

The news isn’t all that good in some regions where foreclosures are still a concern and the housing market has a long ways to go before calling it a recovery. Prices declined in Long Island at just over 8%, two cities in Georgia also faced a continued downturn on home values. In each there was a significant increase in the number of foreclosure filings.

Homes Prices Increase Predicted As High As Ten Percent

Moving forward, Fiserv Case-Shiller predicts more of the same that we have been seeing in Omaha in other parts of the country, with a rise in prices as high as ten percent.

What does this mean to residents of Omaha? It means that as prospective buyer, now is definitely the time to get in before prices go further up. Interest rates are still phenomenally low and FHA has not implemented the new changes to take place in early June of this year.
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For a comprehensive look at your options, contact the Mortgage Doctor today! You’ll be on your way to making your real state dreams come true!