AGENT MLS HOME FINDER

The Anchorage real estate market, as well as the city of Anchorage at large, has been suffering from the delayed effects of the nationwide economic recession. These effects were widespread as well as serious, although they admittedly did not devastate Anchorage to the same extent as other communities, such as Las Vegas and certain cities in the American South.  The general economy of Alaska has experienced serious problems as well, as reported in an October 7, 2009 article in the Anchorage Daily News. This article, written by Brad Keithley, stated that the oil economy of Alaska is in serious trouble following the decline of the oil industry at large. Specifically, it said that “This situation poses a serious threat. Ninety percent of Alaska’s general state government revenues and one-third of Alaska jobs derive from the oil industry. Undeniably, Alaska’s economy runs on oil. But, this linchpin is on a very steep decline.”

Real estate in Anchorage has been experiencing problems, but not on the same scale as the rest of the nation. According to a September 12, 2009 article in the Anchorage Daily News, “Housing foreclosure rates in Anchorage and Mat-Su in July showed a big increase from one year earlier, but the rates remain well below the national average, according to First American CoreLogic, which collects mortgage data nationwide. The foreclosure rate for the region in July was 0.8 percent of mortgages, compared with 0.5 percent a year earlier. The national foreclosure rate in July was 2.8 percent, according to First American. More homeowners in Anchorage in Mat-Su were late, on their mortgage payments, too. Payments on 2.4 percent of the mortgages in the region were 90 or more days late in July, up from 1.6 percent in July 2008, First American said. The equivalent national delinquency rate was 6.9 percent in July, the company said.”

Anchorage homes for sale have in some cases have been trumped by everything from foreclosure auctions to land giveaways, which largely failed, according to an October 5, 2009 article in the Anchorage Daily News. The piece, which was originally published in the Associated Press, stated that “Reality trumped the dream for most winners of a land giveaway in Alaska’s Interior.”