The West Virginia Optimist


WV’s Housing Market Appears To Be Strong
March 29, 2008, 4:11 pm
Filed under: Uncategorized

According to the state housing fund’s executive director, Joe Hatfield, West Virginia’s housing market does not seem to be impacted much by the housing crisis.

“West Virginia has not had the level of foreclosures that we have seen in other states,” Hatfield said Thursday. “We have seen some foreclosures in state’s Eastern Panhandle region, but overall the state has not had any increase in the number of foreclosures during the national slowdown in the housing market.”

I’m sure there are many factors at play here, but the first that comes to mind is housing prices. Housing, in my limited knowledge, appears to be relatively low when compared to other markets. Our house in the downtown ZIP code of a state capitol would have been probably been over twice the selling price. To me, it makes sense that since housing prices aren’t inflated, people can actually afford their mortgage. I do wonder about the relation of housing prices to income levels in this state…rather, if the value of homes are within a more attainable reach to folks with the incomes of buyers in this state when compared to other locations. Most of foreclosures in the eastern panhandle of the state, where housing prices are going up. I wonder about the income levels in that area.

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