Is the Housing Bust Over in Your Little Corner of the Real Estate Market?

[Corey Dutton]

I posted a topic last week about the Wall Street Journal’s article announcing the end of the housing “bust.” I asked the question, ‘Is the Housing Bust Really Over?’ Most of you said that it depends on where you are and I think this is completely accurate. Because every neighborhood can be it’s own little micro real estate market, a better question is: Is the Housing bust over in your corner of the real estate market?

For example, in Salt Lake City, there’s a little area called ‘Sugarhouse’ that is highly popular and fetches top dollar. The Sugarhouse area has definitely turned, and is going back up. Foreclosures in this area have long since been bought up, rehabbed, and flipped by local real estate investors, and I would say the “bust” is over. But stray to far to the North or to the East by a block or two, and you are out of the ‘strike’ zone for higher values and into an area that is still suffering.

Because every neighborhood can be it’s own little micro real estate market, has the market recovered in your little part of the world? Or, does it have a little further to go before the housing bust is officially over in your corner of the market?