USA Today is reporting that the housing market in Cedar Rapids is showing signs of resiliency despite the flood damage of 2008:
“The flood peaked at nearly 15 feet higher than it ever had before, and it completely inundated its downtown,” says David Swenson, an economist at Iowa State University. Damage estimates were more than $6 billion.
Somehow, though, the city’s housing market has been more stable than other parts of the country. Houses are being built in a different part of the city, and businesses are reopening.
“Even in the face of the disaster, some people are rebounding,” says Cherokee Render, president of Cedar Rapids Area Association of Realtors.
