In The Middle Of the Raging Foreclosure Crisis Wasilla Is Doing Well

In the middle of the raging foreclosure crisis Wasilla in Alaska is doing well with its affordable houses. Since Sarah Palin became a nominee for the post of the vice president the focus has been on her hometown Wasilla. Till today the southern regions of the country hardly knew about it. Now everybody is finding out that Wasilla is not only popular but it is also thriving.

Wasilla is in Mat-Su Valley borough. It is perhaps “ the only place in Alaska that you can say has been growing rapidly over the past decade” said Neal Fried of Alaska Department of Labour. Fried deals with economics. Considering the foreclosure mood of the times this is a bold statement.

From 2000 to 2007 the population of Alaska grew by 9% but in Wasilla it spiked by 29%. In Mat-Su Valley the increase was by 35%. There are 7,000 residents in the city that is located 40 miles north of Anchorage, the largest city in Alaska. Population increase or decrease is an indication of the health of the region. Too many foreclosures are compelling many, especially the young, to leave California.

One of the prime reasons for Wasilla being an oasis in the middle of the raging foreclosure related housing crisis is that the real estate has not lost ground. The reo homes continue to remain affordable. Fried adds, “You can get a lot more for your money. You can get bigger lots, and it has more of a country feel to it.” The real estate market in Wasilla has not suffered greatly from the foreclosure and sub-prime catastrophe. Brad Cole of Mat Su Valley Board of Realtors opined that here there was no market correction and prices have remained remarkably stable.

However some signs of the foreclosure tremor can be seen in as much as sales have started to dip. This is especially so in the case of pricey reo houses. The latter are selling much more slowly than before. In recent years quite a few new houses were priced over $300,000. But here the financial base is not there to afford such price tags. The high-end market has already reached its saturation point. The situation has been mired by inflation hitting fuel and food prices. This has held back many who work in Anchorage. Families are spending more on fuel driving back and forth Wasilla and Anchorage.

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