New Study Shows Nationwide Home Prices Down

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A report released Nov. 27 shows home prices falling everywhere across the country. The study shows home prices down 4.5-percent over the past year.

But area realtors argue, Bowling Green hasn't been severely affected. However, could the current mortgage foreclosure issue impact area residents in the future?

Mayor Elaine Walker is watching over the future of the Bowling Green house market. She's in Detroit with the U.S. Conference of Mayors, discussing the nationwide home foreclosure issue.

"Bowling Green has been rather fortunate. We haven't seen that huge number of foreclosures, but that's not to say it's not coming," Mayor Walker explained.

Mayor Walker said that nationwide figures for 2008 show a $1.8-trillion decline in property values with 1.4-million foreclosures expected next year nationwide. Now, she's speaking out to area residents.

"We need to make sure we plan for the future and counsel people facing foreclosure so they seek assistance early on," Mayor Walker added.

But regardless of whether or not the foreclosure issue hits close to home next year, how is the current home market?

"Overall, it's strong. It's maybe a little slower than people would like, we had some really booming years a couple of years back." assured Sherry Vincent, of the Realtors Association of Southern Kentucky.

The time she's referring to is between June 2005 and June 2006 during an eight-percent property value increase.

"Prior to and up until this point, we were getting averages of three to four percent and now we're at a two-percent property value increase. Which is not a bad place to be," Vincent added.

But area realtors are confident that the property value will rise again, with a number of new job opportunities being introduced to the city.

"With the job growth, we're going to see prices go through the roof again. Now would be the time for a consumer to get into the market and buy a well priced home," said John Huggins, area broker owner with Coldwell Banker.

Nationwide, home prices are up in five cities led by Seattle, Washington and Charlotte, North Carolina with 4.7-percent increases.

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