Housing slump hits home

by Samuel King (king@wsbt.com)

Tools

Housing prices have dropped in Elkhart County for the first time in 17 years. (WSBT photo)

By Tiffany Griffin

Story Created: Apr 16, 2008 at 9:53 AM EST

Story Updated: Apr 19, 2008 at 5:30 PM EST

ELKHART COUNTY — It's a problem cities face around the country, and the depressed housing market is hitting home. Data from the Office of Federal Housing Enterprise Oversight found housing prices have dropped in Elkhart County for the first time in 17 years.

Multimedia

Watch The Video

In the last quarter of 2007, the average home price there dropped by 0.3 percent. In the South Bend metro area, which includes St. Joseph County and Cass County, prices were up, but not as much as in years past.

The tougher market is leaving people trying to sell their homes in a tough spot. Kristi Buss of Concord Township has been trying to sell her home for a month.

"We've looked at a couple of other houses and they've been on the market six months now, and they haven't moved yet either," Buss said. "We can still lower our prices, that's still an option."

That's what Amanda Ingram had to do to sell her house on Mishawaka Road. It sold after four months on the market.

"I think that was the difference in selling, because there are other houses for sale along this road, that have been on the market longer than what we’ve had ours," Ingram said.

It's a story appraiser Mark Kramer, of Kramer Appraisal Services in Goshen, is hearing more and more often.

"I’d say it’s leveled off," Kramer said. "There’s a lot of inventory right now, a lot available, so I’d say it’s a buyer’s market."

And those buyers are a lot more picky than just two or three years ago.

"The house has to show nice, it really has to stand out in the market, to be able to sell," Kramer said.

The Buss family will host another open house on Sunday, trying to sell their house, so they can move into another.

"Just kind of hope and pray that the other house we want doesn't sell in the meantime, I guess," Buss said.

Experts say the market should pick up during the spring and summer, but there could be some softening before things get better.

More Good Stuff

WSBT Weather

Current Temp 45.5

More Weather

WSBT Weather

More Weather

On Demand

iPhone
Get the WSBT News and Irish Sports Report apps for your iPhone! Read more »
On DVD
Order a DVD of a WSBT news story! Read more »
Twitter
Follow us on Twitter! Read more »
Facebook
Connect with us on Facebook! Read more »
WSBT E-News
Daily StormTracker e-mails right to your Inbox! Read more »
Video On Demand
Miss a story on WSBT News? Watch it here! Read more »
CBS Shows
Watch CBS shows and news online, free! Read more »
WSBT Alert
Breaking News & Weather right to your cell phone! Read more »
Mobile
WSBT News on the go for your cell phone or PDA. Read more »
RSS Feeds
Get news and updates as soon as they're published. Read more »

Stock Quotes

YouNews

This content requires the latest Adobe Flash Player and a browser with JavaScript enabled. Click here for a free download of the latest Adobe Flash Player.