Northwoods Property Values Still Lagging From Recession
A new study shows most home prices in the Northwoods have not returned to pre-recession levels.
Wisconsin Taxpayers Alliance spokesperson Dale Knapp said researchers looked at figures from the Department of Revenue about equalized home values throughout the state.
He says they looked at where home values were as of last January in each county versus just before the recession...
"....statewide, home values are still about 4.5 percent below where they were just prior to the recession. When we look county-by-county, there's only a few areas of the state where the recovery in values have brought residential properties back above water where they were prior to the recession...."
Knapp says the western part of the state saw values increase, but most of the rest of the state still had numbers below pre-recession levels...
"...for most of northen Wisconsin they remain down at least five percent and a lot of the very northern counties, residential values are down more than 10 percent from where they were prior to the recession....."
While residential properties in many parts of the state were struggling to recover, Knapp notes that commercial properties grew almost 7 percent and manufacturing properties grew almost 11 percent. 46 of the state's 72 counties showed property value declines with 26 showing increases.
Knapp says another statistic shows where employment has been growing, the home values increased the most, noting the employment growth in western Wisconsin, Madison and the Fox Valley areas.