"It's really not bad compared to what other states are experiencing. Vermont has had a different experience with the housing market and that's a good thing," so says Zachary Sears, a senior economist, at Economic & Policy Resources.
Housing prices in 2009 in Vermont are expected to drop 2.7% and remain flat in 2010. Although that may sound like good news, in fact it is when compared to our region (forecasted drop in New England of 6.7%) and to the the rest of the country (forecasted drop of 6.7%) as a whole.
In 2010, prices are expected to hold in Vermont while they are expected to drop again another 9.6% regionally and 6.4% nationally, forecasts Jeff Carr, president of Economy and Policy Resources, Inc. and an economic advisor to our governor. Mr. Carr is presenting this information to the New England Economic Partnership in Boston today.
The housing market here in Vermont is expected to begin its turn in 2010 while New England won't begin the turn until 2011.