Expert: RI home values to stay low for a long timeJanuary 13th, 2011 at 6:08 pm by Ted Nesi under General Talk
Edward Sullivan is chief economist at the Portland Cement Association. (No, I’ve never heard of it either.) At this week’s International Building Show in Orlando, Sullivan offered a forecast for how quickly the housing market will recover in all 50 states.
The good news is, the housing market is set to make a fairly quick recovery – if you’re in North Dakota, South Dakota, Iowa, Nebraska and Oklahoma.
The bad news is, as a Nesi’s Notes reader you probably live in Rhode Island – where Sullivan says the housing market will make the fifth-slowest recovery in the whole United States, according to a MarketWatch article. Only Nevada, Michigan, California and Florida will take longer.
That list of states pretty much mirrors the monthly rankings of unemployment rates, which was one of the factors Sullivan used in his analysis. He also looked at mortgage delinquencies – nearly 5% of mortgages are delinquent in Rhode Island – and the decline in home prices, which have fallen 25.6% here from the peak.
Usually this is where I put in an “on the plus side” paragraph, but I’ve got nothin’. That stinks. Still, it won’t be a huge surprise to regular readers here; “RI housing market set for double-dip” was one of my first WPRI.com stories last July.