Based on the Case-Shiller index, Moody’s Economy.com forecast the the 10 best and worst markets between the fourth quarter of 2008 and the fourth quarter of 2013, and it placed Tacoma as the No. 1 best market in the next few years, predicting it will rise by more than 20%, an encouraging sign for those looking to get into the Tacoma real estate market. http://moneywatch.bnet.com
The market for real estate in Tacoma has been more insulated than many markets on the West Coast, though it has still suffered several setbacks, withstanding its fair share of price drops, inventory gluts and upticks in foreclosure filings. According to the Seattle Times, foreclosure activity in the Seattle-Tacoma-Bellevue area has risen by 37.8% between 2009's third quarter and the same period in 2008, an unsettling fact that places a large new amount of homes on the market.
According to RealtyTrac, there are currently more than 2,230 foreclosed homes for sale in Tacoma, with an average sales price of just over $163,500. According to the News Tribune, over the summer, sales picked up in the Tacoma area, with sales in June up 27% to 1,341 and the median price at $230,000.
Many attributed the increase in the uptick in sales recently to buyers hoping to get in and cash in on the government's stimulus package program that will provide rebates of up to $8,000 for qualified first-time home buyers. That program is set to expire Nov. 1, but many are urging Congress to extend it and even widen the scope to help keep the real estate market afloat.