Home price outlook
A fascinating chart from Moody's Analytics on when housing will recuperate nationwide. It looks like they predict that Charleston home prices will recover to their previous highs set in the spring of 2007 in four or five years at best. For some of the hardest hit areas around the country, it could be as long as 20 years.
My best guess is that the recovery in the Charleston real estate market will be oriented toward the back end, in other words, don't expect too much home price appreciation in the next year or two. We should start to see better rates of home price appreciation again once the national and local economies improve with job growth and declines in unemployment. Also factoring into the equation is a decline in foreclosure activity and when the high inventory levels of homes for sale is absorbed bringing more balance to the market.
