MILWAUKEE (WITI) -- City of Milwaukee homeowners have received or are receiving new property assessments -- and most of them didn't go up. That is both good news, and bad news, as the housing market is working to bounce back after the housing crash of 2008.
The good news: property assessments are stable. For most homeowners, property assessments didn't go up, so their property taxes will not go up.
The bad news: property assessments are stable, so for most homeowners, property values are not increasing either.
For the first time since the housing crash in 2008, the city's property assessments are stable. In fact, in 74 of Milwaukee's 140 neighborhoods, assessors say there's been no change.
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"We're still, I think, recovering from quite a few foreclosures and people are just getting over the fact the recession may have ended and employment is ticking up. As that happens and there's is confidence in the economy, the market will pick up too," Assessment Commissioner Mary Reavey said.
The Greater Milwaukee Association of Realtors says there's about an even number of buyers and sellers now in the market.
Now that things are stable, Mike Ruzicka says he believes housing prices will be back up by 2016 or 2017.
"We'll take that as a win. Just -- everything is moving in the right direction. Jobs are being created and people are purchasing houses," Ruzicka said.
In 2013, Ruzicka says 18,000 homes were sold in the four county area surrounding Milwaukee.
In the city, while house sales remained the same, or in some neighborhoods, dropped a bit, commercial real estate is growing.
"One of the best things about this year is since 2008, this is the first year the total value of the city has actually gone up, so that's a positive for the city," Chief Assessor Steven Miner said.
One of the neighborhoods with increased assessments is Bay View -- while some north side neighborhoods are still struggling a bit.