Some of the headlines I’ve seen this week talk about an astronomical increase in foreclosure rates for 2009. One headline, “Massive Foreclosures in 2009” on Trulia.com, featured a story stating that foreclosure filings for the month of November were up 28% from one year ago. On Bainbridge Island, the number of foreclosure filings doubled from November 2007 to November 2008; from one filing in November 2007 to two filings in November 2008. Be wary of statistics…they can be misleading.
All this is not to make light of the stresses and strains on our current housing market and lackluster economy. While the Feds are trying to stem foreclosures, lower interest rates, stimulate the economy and shore up the housing market, we have yet to see the situation stabilize.
Yet, our housing market plugs on…people still want to move to Bainbridge Island for a number of different reasons: to be with family; to send their children excellent public schools; to enjoy the strong community atmosphere, to take advantage of an easy commute to Seattle, Bellevue or Redmond.
With Seattle Public Schools in the midst of closing a number of public schools, Bainbridge Island may see an influx of school-age families looking for great public schools with affordable housing and an easy commute to Seattle. Our entry-level home prices have moved into a price range that will allow young families to purchase their first homes on Bainbridge, and send their children to our great public schools.
See…there may be a silver lining after all…
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Even after a year we are on same threshold. Speculations are still on for the coming year. However, i could see one major difference here that we are now optimistic about the coming year.
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