By Brian P. WilliamsPosted May 05, 2018 09:11:13While the real estate industry in the West is enjoying record highs in recent years, the industry in many other parts of the country is under a bit of a bubble.
In West Virginia, the price of a home is up about 6% year-over-year.
The average price in the state is up 5.5%.
In New York, the average home price is up more than 8%.
In the South, prices in Georgia, Tennessee, and Alabama are up more this year than last.
In Florida, a recent report showed that home prices are up nearly 50% this year compared to last.
That’s a big deal, because the U.S. has the highest rate of foreclosures in the nation.
Foreclosures have been the worst part of the housing market in the U, and the foreclosure crisis has been a major factor in driving prices up.
And now, some experts are predicting that the foreclosure wave will continue in 2018.
One expert, Mark Zandi, the founder and CEO of Moody’s Analytics, is predicting that foreclosing homeowners in many of the South’s most expensive cities will increase, as more families leave the region for better opportunities in cities like Atlanta, Miami, Nashville, or Tampa.
That’s not good news for West Virginia homeowners.
They’re not just paying more for homes in West Virginia.
They also pay more for mortgage rates, and they’re paying more to keep their homes in the region.
Zandi said that this will continue for years to come, and it’s only going to get worse.
“We’re going to see an uptick in forecloses in the coming years, and I think it’s likely to get higher,” he told Medical News Now.
“I’m not sure we’ll see a spike, but I do think it will be higher than it’s been in the past.”
Some people in the realtors industry are worried about that possibility.
But some realtor experts say the sky is the limit for what’s going to happen.
“I would expect that foreclosure rates will continue to go up, and as they continue to do so, there’s going be a lot more people being forced out of the market,” said Tom Cairns, president of the West Virginian Association of Realtors.
“In the last several years, we’ve seen a lot of foreclosure cases in our market, and now we’re seeing more of them.”
Cairns said that he expects the foreclosure rate to increase even further in the next few years, possibly as high as 40% by 2019.
Cairnes said he thinks the realty industry is on the brink of a correction, and that he has no doubt that this could be the year that real estate prices in West Virginias major cities begin to drop.
“The last few years have seen a real estate bubble burst, and if that happens, it’s going do serious damage to our local economies and we are going to have to adjust,” he said.