Erie Area Housing Forecast

According to the National Association of Realtors -- existing home sales posted the sharpest drop in eighteen years -- down 8-point-4 percent.

That's a pretty bleak national trend but what is the deal with Erie's housing forecast?

There's no doubt -- it's a buyers' market, but that doesn't mean people are rushing to buy at least on a national scale.   We're learning Erie on the other hand apparently doesn't follow national trends.

Nationally-home prices have now fallen for eight straight months but even with that home sales have hit a big slump in different markets across the country.

In Erie however its a different story..."our housing market is perking along we experienced a strong april...a good spring...interest rates are still low, our company is ahead of last year which is positive and we see buyers." Sue Sutto, Sue Sutto Realtors, Inc

Sutto Realtors, Inc has seen a good number of home transactions so far and hope it continues.

On the other hand Erie home builders are feeling the pinch -- permits for new home construction are down throughout the county.

"we hope it gets better...its hard to say what will happen nationally to drive the cost up or down but we hope and keep optimistic that the housing market will continue." Bob Nordstrom, Builders Association of NWPA

Most economists meanwhile are not forecasting a real estate collapse...nationally or locally but say the bursting of the "housing bubble" is inevitable.