Arlington Real Estate Expected to Remain Strong
March 26, 2008
Strong job growth in the Fort Worth - Arlington area and the ongoing affordability of homes in the area is expected to keep Arlington real estate strong, according to a report released by PMI. PMI is an insurer of mortgage lenders.
As the economy slows, the Fort Worth – Arlington area is expected to have a less than one percent chance of experiencing any decline in home prices, which is consistent with the rest of the north Texas and Dallas region. Meanwhile, there are many areas of the country that are almost guaranteed to experience drastic drops in home values.
Slow, Sustained Growth has Helped Fort Worth
What has helped keep the real estate market upbeat in Fort Worth and Arlington is the slow, sustained growth these neighborhoods experienced while the rest of the country was booming. Now those areas that skyrocketed in value are paying the price as the market tries to normalize back to the levels home values historically should be at.
In areas such as California, Nevada, and Florida, home prices exploded while job growth fell, and the affordability of homes plummeted. In some areas, only five percent of the population can afford the average home.
In Texas, however, home values have remained very affordable compared to the average income for residents, and job growth has continued at one of the fastest rates in the country. This keeps the demand for real estate high and the values holding steady in a time where others are seeing economic strife.
Overall, the picture for Fort Worth Real Estate and Arlington real estate looks good, and homeowners should take comfort in knowing their home values are expected to hold steady in the coming months.
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2 Responses to “Arlington Real Estate Expected to Remain Strong”
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How is the market dow n there? I saw on Boston Real Estate that things are really picking up on a lot of areas around there.
It is odd how some areas stay strong and others go down during these times. I wish Pennsylvania had a stronger hold on the real estate market. Things are very weak here.