Good News on Home Prices and Loan Performance
The November numbers are in, and according to CoreLogic, the overall delinquency rate for October 2019 was the lowest in at least 20 years, down to .04%, a decrease of .01% from October 2018. Home prices were up again as well, with an increase of 3.7% year-over-year in November 2019 compared with November 2018. Regionally, the Washington D.C. statistical area, which includes Jefferson County, Charles Town, and Harpers Ferry, saw a home price increase of 3.3% year-over-year.
“Home price growth builds homeowner equity and reduces the likelihood of a loan entering foreclosure,” says Dr. Frank Nothaft, chief economist at CoreLogic.
West Virginia saw its delinquency rates for fixed and adjustable-rate conventional mortgages decrease to .09% and 1.9% respectively, following the national downward trend in foreclosure rates. With personal income rising .05% since October 2018, the housing market in the state is enjoying steady increases in value, fewer foreclosures, rises in household income, and solid footing.
Good News on Area Employment Prospects:
Some positive news for the local job market – Clorox has finalized an agreement to build a manufacturing facility in Berkeley County, at the Tabler Station Business Park. According to Vice President of Product Supply Michael Holly, the site was chosen because of it’s existing infrastructure, access to I-81, and skilled workforce. Clorox estimates they will begin hiring as soon as next year and be fully operational by 2022.
Helping Our Nation’s Veterans, One Home at a Time:
The non-profit Operation Jackson County, based out of Ripley, is a Veteran-focused organization that has broken ground on a 17-acre property in the countryside outside Jackson County. After seeing a rise in housing needs among the vets they serve, the group raised the funds to build five temporary “transition” homes to serve as a safe and peaceful place while they work with the organization to secure permanent housing. The group chose the rural location in the hopes the natural beauty and quiet would be especially helpful for families with children or veterans suffering from PTSD. The first home should be completed this month (January) and there are plans to have a total of five homes on the property.
Learn more: Houses For Homeless Veterans
The Webb-Blessing House Gets a New Lease on Life:
One of the things about West Virginia we are especially proud of is our rich history. There are so many priceless and significant historical sites here. As a real estate professional, I feel especially connected to the homes of our history, and I was especially heartened to learn that the Webb-Blessing House in Charles Town will be getting a new lease on its life with its purchase by the Friends of Webb-Blessing House. This home is a vital piece of African American history, as it was originally owned by the Webbs, a free African-American family before the Civil War. Its storied history will live on thanks to this purchase. The group, Friends of Webb-Blessing House, is seeking volunteers and donations, so if you’re interested in being a part of the preservation effort, check out the Friends of Webb-Blessing House Facebook page to learn more.
When it’s chilly, wet, icy, snowy, etc., our instinct is likely to huddle up and hibernate until spring. But… it’s also a perfect time to reach out and check on your neighbors. For some ideas on how to reach out to your neighbors during the winter months, take a look at our handy guide: Ideas For Helping Neighbors During Winter.
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