Rather than publish a treatise on a topic. I prefer pictures. I bet you do too!
With our shared interest in mind, I’ve created the following chart to show how Louisville homes have performed in recent years during the housing recession.
These numbers are derived from the Federal Housing Finance Agency’s NSA Index comparing 1-year changes.
The exact values are as follows:
- 2004: 4.56%
- 2005: 3.73%
- 2006: 2.71%
- 2007: 1.98%
- 2008: -0.56%
- 2009: -1.33%
- 2010: -0.06%
- 2011: -0.97%
- 2012: -0.11%
- 2013: 0.79%
Contrary to what many think, or may have been applied to National numbers, Louisville homes began their value decline in 2005 when the annual appreciation dipped below 4% with 3.73%.
This continued into 2008 when Louisville experienced our first depreciation period in 27 years!
Some mark the beginning of the housing recession as 2009 but these numbers paint a different picture.
Putting on some optimism, I believe 2013 should return us a more common sight: one where our homes appreciate more than a meager percent or two.