Home prices fall, Chattanooga market fares better
CHATTANOOGA (Times Free Press)-- Chattanooga home prices have dropped only one fourth as much as the national average from the peak reached before the current housing slump, according to a new study of America's housing markets.
But in a forecast of economic trends, the research firm Local Market Monitor Inc. predicts that home prices in Chattanooga and most U.S. markets will continue to slide over the next two years before rebounding in 2012.
Carolyn Beggs, chief operating officer for Local Market Monitor, said home prices in the metropolitan Chattanooga area averaged $171,146 this summer. That was still about 9 percent above where they should be based upon current economic conditions, Beggs said.
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