Lindale's Housing Market Remains Strong Jessica Brown, Staff Writer, Lindale News & Times (Edited by JWC) | 10-Jan-2008
(Story edited for this web posting)
For the past few months, headlines nationwide have decried the country's floundering real estate market. Reports of tumbling prices, record foreclosures and new barriers to loans have made the market appear frighteningly unstable.
Despite the (apparent) chaos, most local real estate agents don't appear too worried about the downturn. Lindale real estate agent, James DeZelle points out that Lindale, unlike other areas of the country, never experienced a housing bubble. "In some areas of the country, the market prices became really inflated," DeZelle said explaining the origins of a housing buble and why it bursts. "The market will eventually correct itself." When the market corrects itself, prices come tumbling down.
Coastal locations, such as the West and East coasts of the country, (most notably Florida) seem to be suffering the brunt of the housing downturn because, for various reasons, they were the locations that experienced the most price inflation.
According to the latest figures from the National Association of Realtors, the average price of a house on the West Coast has dipped 4.8%, and nationwide the prices have dropped an average of 3.3% from this time last year. Conversely, local prices have remained steady due to the fact that Lindale never saw a period of large market inflation, Lindale Realtors say.
(For more of this story, please see the Lindale News and Times, Thursday, January 10, 2008)
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