How earthquakes and other natural disasters have affected home prices elsewhere Ultimately, the jury is out on whether the quakes will exacerbate the situation, but they add another concern for people who may already be put off by the high cost of housing in California, said Daren Blomquist, vice president of market economics at real-estate website. With consumers now re-awakened to the reality of the risk that earthquakes pose to properties throughout the state, some economists question whether this recent spate of seismic activity could compound the troubles some home sellers are starting to experience in the Golden State’s housing markets. Like other parts of California, home prices in Ridgecrest had already flattened over the last year.ĭon’t miss: How to earthquake-proof your finances Meanwhile, demand will likely increase in nearby markets that escaped with less property damage as would-be Ridgecrest residents look elsewhere. But recently, these markets have started to show signs of weakness as years of home-price appreciation have pushed so many would-be buyers to the sidelines.ĭanielle Hale, chief economist at said she expects a slowdown in the short-term in the housing market in and around Ridgecrest, Calif, a town near the epicenter of last week’s quakes. These fault lines run through many of the most expensive housing markets in the country - including San Jose, San Francisco and Los Angeles. ![]() ”īut the San Andreas Fault isn’t the only seismic concern for California residents - in fact, last week’s temblors occurred on faults that are not part of the San Andreas system. ![]() “Some economists question whether this recent spate of seismic activity could compound the troubles some home sellers are starting to experience in the Golden State’s housing markets.
0 Comments
Leave a Reply. |
AuthorWrite something about yourself. No need to be fancy, just an overview. ArchivesCategories |