Yakima Overcomes National Housing TrendPosted: Updated:
Just a year ago, the homebuyers were flooded with newly built homes and rentals across the nation. This month, housing permits fell to the lowest they have been in 17 years. In Yakima, though, there was only a slight decrease with minimal effects.
Karly Faul, an executive officer at the Central Washington Homebuilders Association says, "there's not a huge drop off in our market locally as opposed to what you're seeing in other markets statistically."
Yakima home builders invested 44 million dollars into new construction plans last month.... 3 million less than in May 2007. The Homebuilders Association says the recent decline is due to less duplexes and apartment buildings being built in the area.
Faul says there are numerous factors that have contributed to the national trend of declining housing permits. Some of those include extreme weather conditions, adjustable mortgage rates and a large inventory of unsold property. Yakima's home market has sustained a reasonable steady economy though, untouched by the trends. "Everything effects it. Most of our custom home builders aren't seeing any type of decreases. They have a constant consumer flow."
Experts say Yakima's unusual housing market is a result of a steady local economy, appreciating home values and the lack of adjustable rate mortgages that led to much of the nation's decline.