Why a Few American Housing Markets are Showing a Little Hope
The cities showing a sliver of hope in this depressed housing market country wide; are the ones where the jobless rate has been lower than the national average. People with jobs will buy
homes. For the past four years, millions of Americans have lost their jobs and have not been able to find replacement jobs. Many of these millions have given up even trying to look for jobs. This country’s depression has caused millions to become depressed and hopeless as they lost their jobs and homes and totally give up.
The jobless rate, below the national average combined with markets that were not so inflated like California and many other States have contributed to these few cities showing better signs of life than the rest of the country.
Texas Doing Better Than Most
Dallas, Texas has fared pretty well during this depression. Its unemployment rate, which has been lower than much of the country and its energy industries and business friendly laws have kept the foreclosure rates down. The home prices have stayed virtually the same throughout the last four years. And Dallas and its surrounding areas are great places to live and raise a family. Plano, TX, a suburb of Dallas has been voted the best city to live in and the safest for the last two or more years. Come to Texas, ya’all.
Detroit, Michigan is another city on the list. With the revival of the auto business it has seen jobs come back and its unemployment rate has been greatly lowered. Once again, the people have jobs and therefore feel comfortable purchasing homes again.
Government Expansion Fuels Gains In DC
Washington D.C. is also on the list. With the enormous government job expansion, Federal job growth has grown exponentially. Hence, D.C. has very low unemployment numbers. Homeowners are able to pay their mortgages and the foreclosure rate is very low. But, it is a market that could be teetering on a precipice depending on who will be in power this next year. Large government Democrats vs. small government Republicans. D.C. could be facing the unemployment problems that face the rest of the country.
Cleveland, OH’s unemployment rate is dropping. And Clevelanders are taking advantage of low housing prices and low interest rates and purchasing homes. The city has been working to diversify its businesses and create more jobs. Another sliver of hope.
Denver, CO is also on this list. Denver’s housing market never experienced the escalation in home prices as others did. So its market has stayed fairly steady. It does however have a higher than the national average foreclosure rate, but not by much.
These cities and, other less populated areas in the US have fared better than most. They have leaders that are working to keep their States and Cities working by bringing new businesses and have less regulations to keep their economies healthier. And when you create a place where business thrives, people have jobs and employed people buy homes and then economy thrives. Now if the White House and the Federal government could only figure this out, we would be in much better circumstances all around.
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