Real Estate Breakdown

According to RealtyTrac in the Portland Business Journal’s October 28, 2009, report, Anchorage real estate is fairing quite well compared to many of its northwestern region counterparts.  Judging by the numbers, “Anchorage ranked 126th with one foreclosure for every 258 homes,” while the “Seattle metro ranked 95th with one foreclosure for every 217 homes” and “Boise, Idaho, ranked 19th with one foreclosure for every 57 homes.”  Alaska as a whole, however, did not do as well as its state capital in Anchorage.  The DailyFinance.com news source quoted writer Lita Epstein on November 12, 2009 as saying “Other states that posted a major monthly jump in filings included Alaska (up 35.11% on a monthly basis and 17.83% year-over-year).”

Anchorage homes for sale have been helped along by “President Barack Obama who signed off on a bill this week to extend the first-time home buyer tax credit,” reported Leyla Santiago of KTUU News Alaska.  Accordingly, “the tax credit is expected to affect two-thirds of buyers and sellers. For Anchorage builders, the decision buys more time to make deals.”  With construction at a stand-still and current homeowners watching their properties dwindle in value, it is quite easy to see why so many people are becoming so demoralized.  “Hold on,” claim experts who foresee the recession bottoming out next year.  Analysts believe that people who can survive through the bottom of the recession will only benefit in the long-run.

Over the last year, real estate in Anchorage on average has gained about $11,000 in market value between November 2008 and November 2009.  While the median home for sale price remained steady at $270,000 and 0 percent change from October, Yahoo! Real Estate reported that foreclosed homes actually dropped 1.1 percent to $211,285.  Interestingly, the difference in price between foreclosures and other homes for sale is relatively small.