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what kind of numbers can I collect to see if an area is really as "correction proof" as local real estate agents are telling me? It they are telling the truth I an going to buy next month if not I am continuing to be a bitter renter in Spokane WA
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You can scour the county records for the deeds of trust/mortgages for the last 5 years. I don't know where all this might otherwise be compiled in a single spot that the public might get access to. Certainly the banks know what these numbers are but are not likely to make this public. By the time you start scouring the records you may have your answer.
Personally I feel no area is "correction proof". There are areas that have and will continue to experience greater and lesser degrees of correction. This correction might be a big drop and another a small increase in values. Both would be corrections over 04/05.
Locally our correction has come in the number of homes sold. Prices are steady but far fewer buyers. I think that maybe everybody who could and many who should not have bought homes when they could and now there are fewer people needing them. If the local economy is doing well the correction will be softer. Don't know WA, but I keep reading good things about the economies of some areas.
You'll know when it's right.
You might check out this link. I find their predictions fairly accurate for my city. Housing Predictor
Blogs on Activerain.com may give some insight. Also search Forbes.com for Spokane Wa Real Estate. There may be some articles pertaining to the market there.
Here is another article about Spokane Hottest Markets
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