Residential homes for sale are getting a lot of interest from buyers in Anchorage, Alaska. In addition, permits for the construction of dwellings are rising despite nationwide worries over foreclosure rates. The city is currently having its best housing market year since the start of the housing market crisis in 2007.
Foreclosed homes for sale in Anchorage, AK are not as many as some metro areas of the U.S. Despite the poor performance of the national housing industry, Anchorage has recorded increased requests for home construction permits during the first half of 2010. According to building records, 148 permits for single family dwellings were issued during the period in focus.
The number of Alaska foreclosed homes has not been enough to depress the prices of residences in the area. With the increase in home building activity, the state's housing market is expected to continue its strong performance throughout the rest of the year. Permits issued during the first half of the current year represent a 32.1% increase compared with the same period of 2009.
For the first six months of the year, home construction for single family residences recorded a total worth of $10.6 million in Anchorage. This is on top of the increased interest in existing residential homes for sale among homebuyers. The value of home building for the January-June 2010 period is 37.6% higher than the figures recorded for the same period of 2009.
Although there are a lot of people who still purchase foreclosure properties in the area, homebuyers' interest seemed to have shifted to new dwellings. First half figures are definitely better than 2008 and 2009 numbers, with only 107 permits issued for single family residential property construction during the first half of 2008 and only 112 permits issued during the same period of 2009.
Local housing market analysts believe that the rise in home building activity signifies a recovery for the city's residential property market. However, they also stated that the recovery might be slow, given the condition of the national economy and problems in other areas' housing markets. Analysts also admitted that the federal tax credit has contributed to the rise in the number of residential homes for sale getting snatched off the market and more new homes being built in the first six months of the current year.
John Cutts has been educated in the finer points of the foreclosure market over 5 years.
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