Home prices are creeping up across the country, and are back to 2003 levels… Norwalk prices tell a different story.
The same thing can’t be said for Norwalk real estate, which according to Zillow.com is down compared to this time last year. The year over year “Zillow Home Value Index” is down 10.6% for condos in Norwalk, and down 7.1% for single family houses in Norwalk. The list price for Norwalk condos is down 12.0% compared to last year, and the list price for Norwalk single family houses for sale is down 4.4%.
While it is good news that much of the country is starting to slowly rebound, the consensus is that the housing market is not going to take off anytime soon. The market is balancing out a little bit, and showing modest improvements. The pre-foreclosure inventory is still very high and the housing market won’t be able to make large strides until the “dead weight” of the foreclosures are cut off.
Imagine a hot air balloon ready for takeoff. The balloon is the housing market, and the weights that are tied to the balloon’s basket to keep it on the ground are the properties that are in pre-foreclosure or delinquent on their mortgage payments. Until those “weights” are cut free, the balloon can never really take off. It might rise a few inches, or a couple of feet if the weights are trimmed back, but it still can’t take off.
To read the entire article from CNN, CLICK HERE.
There are many more foreclosures and short sales that need to go through the system before this market can really rebound.
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