Real Estate Market 10 Years Ago
Our housing market here in Whatcom County was way different 10 years ago.The Bellingham Herald's posted an article that just came out a couple weeks ago explaining the numbers, but here is a recap.
Homes depreciated nearly 7% in 2008-2009, which is crazy. 849 properties received a foreclosure filing that year, up from 253, (which is almost 4x the amount, from 2006.
Nearly 4% of Whatcom County households were more than 90 days behind on their mortgage payment. The median price hold back then was 259k so right now the median, which I don't really go by, but, it's more than the average, in Whatcom County, is about 418k.
The reason this information is important because alot of people keep talking about the "crash", but the reality is, there were some real big stats that came out with deaths and people losing their jobs and families just being broken and, people are always talking about how they're so excited for this crash they jump on real estate.
Just remember that, even though yes, the crash was good for home prices, that doesn’t mean that it is necessarily good for all the other factors that go into buying and selling a home.