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Tags: West Virginia always seems to have a resilient housing market.
Case in point: Its low number of foreclosures.
Since June 2014, the Mountain State recorded only 566 completed foreclosures, the 5th lowest amount in the nation. The US, as a whole isn’t doing so bad either.
Foreclosure inventory declined by 28.9 percent, and completed foreclosures have declined by 14.8 percent since June 2014, according to CoreLogic’s newly released June 2015 National Foreclosure Report.
“The foreclosure rate for the U.S. has dropped to its lowest level since 2007, supported by a continuing decline in loans made before 2009, gains in employment, and higher housing prices,” said Frank Nothaft, chief economist for CoreLogic.
So, what does this mean for West Virginia and the nation? Let’s take a look.
West Virginians share a pride in homeownership
West Virginia boasts a 73.4 percent homeownership rate, according to the US Census. That’s nearly 10 percent higher than the nation as a whole. Keep in mind, West Virginia carries this number along with its stigma of lower household income than the rest of the nation, right at $12,000 less per year. These numbers speak loudly as they testify to the determination of West Virginia families to retain home ownership as the “American” or in this case, “The Appalachian Dream.”
The local economy is bouncing back
Anyone noticing lower gas prices lately? Those prices are expected to drop to $2 or less by November, according to economists’ predictions. More people are out working, as employment seems to be gradually bouncing back. The unemployment rate currently hovers at 5.3 percent, down almost 1 percent from this time last year, according to a release from the U.S. Dept. of Labor’s Bureau of Labor Statistics.
A Renewed Value in Housing
It’s no secret that home prices continue appreciating, and have been doing so monthly since Spring. This has helped create a sellers’ market, where everyone wants a “piece of the pie.” West Virginians are no different. It seems the Mountain State leads the pack.
Nationally, demand for homes remains solid.
The annual sales pace for new single family homes in the U.S. rose by more than 5.4% last month.
By Justin Waybright & Chuck Boggs
