November 29, 2022

Raven Tribune

Complete News World

These are the 10 states with the most stable housing markets in America

These are the 10 states with the most stable housing markets in America

The three most important things in a property: location, location, location. The US real estate market is in a strange place now.

Mortgage rates Almost double what it was a year ago, reflecting the Fed’s campaign to rein in inflation. But they were volatileIncluding some steep drops from week to week.

Home prices are still stuck at historic highs with bid wars reported in some places, even with The inventory of homes for sale began to grow And housing markets across the country, including some of the largest in the states below, are starting to cool.

Where is everything heading? recently revised its 2022 report Climate forecastand now calls for sales to fall 6.7% this year. Forecasters previously called for a 6.6% increase. But even if the new forecast proves correct, it would still be the second-biggest sales year since 2007, after only last year.

As always, some countries will be better off than others. Because companies take the local housing market into account in their location decisions, CNBC Top US states for business A study that measures the health of each state’s housing market as part of the broader economy category, valued at 13% of the state’s total score under this year methodology. The housing meter takes into account year-on-year price increases, year-over-year new construction, as well as first-quarter foreclosures and bankruptcy.

Looking for a safe place to get out of a potential housing storm? These ten countries are the most stable.

10. South Dakota

Deadwood, South Dakota

John Elk | Photo Bank | Getty Images

strong economy in Mount Rushmore State Prices are rising steadily. Mortgage activity is very low, but the high level of underwater mortgages could portend some cracks under the surface.

Economic Rank 2022: No. 12 (top rated countries: B-)

Estimation: 20.1%

Starts per 1000 population: 8.8

Mortgage rate: 1 of 17,724 housing units

Underwater Mortgages: 4.8%

9. South Carolina

Contractors work on the roof of a home under construction at the Steelpoint subdivision in Sumter, South Carolina, on Tuesday, July 6, 2021.

Mika Green | Bloomberg | Getty Images

Stock remains historically tight with bid wars still common in many South Carolina Markets, prices are still steadily increasing. But new construction is on the rise and the pressure on existing loans is under control.

Economic Rank 2022: No. 13 (tie) (highest state rating: B-)

Estimation: 21.4%

Starts per 1000 population: 9.5

Mortgage rate: 1 of 1081 housing units

Underwater Mortgages: 3.4%

8. Arizona

A worker builds a new home on a housing project in Phoenix, Arizona.

Justin Sullivan | Getty Images

Prices are higher here than in any other country. But new construction is also booming, which helps mitigate ArizonaInventory crisis. Rising foreclosures is a potential cause for concern, but home equity is strong.

Economic Rank 2022: No. 22 (tie) (highest state rating: C-)

Estimation: 27.4%

Starts per 1000 population: 9

Mortgage rate: 1 of 1,861 housing units

Underwater Mortgages: 1.4%

7. Vermont

A traditional home in Vermont.

Gerard Sewin | Getty Images

Jebel Akhdar State continues to benefit from new residents seeking refuge from the larger cities. Home prices are rising at healthy rates, and mortgages are far from healthy. New construction, however, is not keeping pace, and the overall economy in Vermont slow.

Economic Rank 2022: No. 33 (Top Ranking Countries: D+)

Estimation: 20%

Starts per 1000 population: 3.2

Mortgage rate: 1 in 13,930 housing units

Underwater Mortgages: 1.1%

6. Tennessee

House in Nashville, Tennessee.

Isabella Pino | global photo collection | Getty Images

Tennessee It has the second strongest overall economy in the country, and its strong and stable housing market is a big reason for that. Home prices are rising along with economic output. New construction is healthy, though foreclosures and underwater mortgages are starting to creep in.

Economic Rank 2022: No. 2 (Top Ranking Countries: A+)

Estimation: 24.1%

Starts per 1000 population: 8.2

Mortgage rate: 1 of 2797 housing units

Underwater Mortgages: 2.9%

5. Idaho

A ‘New Homes’ sign near CBH Homes Copper Basin Basin Community in Nampa, Idaho, October 19, 2021.

Kyle Green | Bloomberg | Getty Images

IdahoThe housing market in Egypt has been turning into gangs for some time now. Buying a home in a gem country is not for the faint of heart. But new construction has slowly begun to relieve inventory pressure. A rise in foreclosures is a potential warning sign if the economy enters a recession.

Economic Rank 2022: No. 5 (Top Ranking Countries: A)

Estimation: 27%

Starts per 1000 population: 10.5

Mortgage rate: 1 out of 6015 housing units

Underwater Mortgages: 1.6%

4. Texas

A residential neighborhood in Austin, Texas, on Sunday, May 22, 2022.

Jordan Vonderhar | Bloomberg | Getty Images

TexasPopulation gains help fuel the housing boom, but they don’t get out of hand. New homes are emerging for these new residents quickly, and housing equity is good.

Economic Rank 2022: No. 8 (Top Ranking Countries: A-)

Estimation: 19.3%

Starts per 1000 population: 8.9

Mortgage rate: 1 in 2,326 housing units

Underwater Mortgages: 2.5%

3. Florida

Single Family Home Log Available in Saint Cloud, Florida.

Jeff Greenberg | global photo collection | Getty Images

It’s almost all sunshine and light Floridahousing market. Prices are going up, and so are construction kits. Rising foreclosures in a country known for boom and bust cycles could be a looming cloud.

Economic Rank 2022: No. 4 (Top Ranking Countries: A)

Estimation: 25.7%

Starts per 1000 population: 9.6

Mortgage rate: 1 of 1211 housing units

Underwater Mortgages: 1.4%

2. Washington

A “For Sale” sign hangs outside an apartment house in the Queen Anne neighborhood of Seattle, Washington, May 14, 2021.

Karen Dossey | Reuters

WashingtonThe company’s impressive economic growth has kept its housing market among the hottest in the country for several years now, defying expectations of a crash. The shortage of new construction is likely to keep prices high, and raise continuing concerns about the stability of the market.

Economic Rank 2022: No. 3 (Top Ranking Countries: A)

Estimation: 20.1%

Starts per 1000 population: 7.3

Mortgage rate: 1 out of 4,965 housing units

Underwater Mortgages: 1.2%

1. Utah

A worker uses a Volvo AB excavator to build a road during residential construction in Saratoga Springs, Utah.

George Fry | Bloomberg | Getty Images

No matter which way you look at it, the housing market in the beehive state is crowded. Prices are rising at the second highest rate in the country, but with the fastest pace of new construction in the country, there is plenty of new inventory on the way Utah. Foreclosures can be controlled and contribute to strong homes in the nation’s top housing market.

Economic Rank 2022: No. 6 (Top Ranking Countries: A)

Estimation: 27.1%

Starts per 1000 population: 12.2

Mortgage rate: 1 out of 2063 housing units

Underwater Mortgages: 1.4%

Data sources: CNBC America’s Top States for Business Study, Federal Housing Finance Agency, US Census Bureau, ATTOM Data Solutions.

See also  Stock futures drop slightly as Wall Street anticipates October jobs report