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Washington Metro Area Second Strongest Economy
Washington Metro Area Second Strongest Economy
Washington, D.C. has the nation’s second-strongest economy out of 366 metro areas, based primarily on two decades’ worth of jobs and income data, according to a report released last week by economics research firm Policom Corp. Richmond was number 63. Virginia Beach was number 93.
To compile its report, Florida-based Policom said it measured 23 different economic factors. Positive factors in the rankings include wages and income broken down in several ways, plus jobs in key sectors; negative factors include welfare and Medicaid spending.
“The top rated areas have had rapid, consistent growth in both size and quality for an extended period of time,” William Fruth, president of Policom, said in a statement. “The rankings do not reflect the latest ‘hotspot’ or boom town, but the areas which have the best economic foundation. While most communities have slowed or declined during this recession, the strongest areas have been able to weather the storm.”
The company did not release details of data that went into each city’s ranking.
Seattle was number one. Denver, Houston and Sacramento rounded out the top five. Washington has ranked number two the last two years and in the top three over the last seven years.
For the full list click here.
source: Denver Business Journal
Washington, D.C. has the nation’s second-strongest economy out of 366 metro areas, based primarily on two decades’ worth of jobs and income data, according to a report released last week by economics research firm Policom Corp. Richmond was number 63. Virginia Beach was number 93.
To compile its report, Florida-based Policom said it measured 23 different economic factors. Positive factors in the rankings include wages and income broken down in several ways, plus jobs in key sectors; negative factors include welfare and Medicaid spending.
“The top rated areas have had rapid, consistent growth in both size and quality for an extended period of time,” William Fruth, president of Policom, said in a statement. “The rankings do not reflect the latest ‘hotspot’ or boom town, but the areas which have the best economic foundation. While most communities have slowed or declined during this recession, the strongest areas have been able to weather the storm.”
The company did not release details of data that went into each city’s ranking.
Seattle was number one. Denver, Houston and Sacramento rounded out the top five. Washington has ranked number two the last two years and in the top three over the last seven years.
For the full list click here.
source: Denver Business Journal
Thursday, May 27, 2010
5 best metro areas for mortgages
5 best metro areas for mortgages
Where you live affects what you'll pay. In these areas, homebuyers get lower average loan rates, and fewer homes are headed for foreclosure.
By Forbes.com banks
are more likely to lend -- and offer decent terms.
Near-record-low mortgage
Yet in a few metro areas, such as Houston, Dallas and Kansas City, Mo., you'll find some of the lowest
The reason these places are more borrower-friendly is that the local housing
However, this doesn't mean that relocating to the Kansas City area will have banks clamoring to offer you a low-interest loan. Families with poor credit will struggle to get financing anywhere, as lenders simply aren't willing to take risks. But borrowers in certain metro areas, on the whole, have it just a bit easier.
| Rank | Metro area | Average effective home mortgage rate | Delinquent mortgages, Jan. 2009* | Delinquent mortgages, Jan. 2010* | Foreclosures, Jan. 2009 | Foreclosures, Jan. 2010 |
|---|---|---|---|---|---|---|
1. | 4.94% | 2.8% | 4.0% | 1.0% | 1.5% | |
2. | 5.03% | 3.8% | 4.4% | 0.8% | 1.5% | |
3. | 5.06% | 3.0% | 4.3% | 0.9% | 1.5% | |
4. | 5.06% | 2.5% | 3.9% | 0.8% | 1.4% | |
5. | 5.12% | 2.7% | 3.9% | 0.8% | 1.3% |
* Delinquent 90 days or more
Behind the numbers
To find the best metro areas for borrowers, we first determined which communities had the lowest effective mortgage rates -- the mortgage rates including the upfront fees -- using data from the Federal Housing Finance Agency, the agency in charge of Fannie Mae and Freddie Mac.We wanted to find out where borrowers were doing well overall, not just where mortgage rates were lower. So, for the 35 major housing markets that the FHFA tracks, we factored in the change -- from January 2009 to January 2010, the most recent data available -- in the percentage of homes in foreclosure.
We also ranked the year-to-year change in the percentage of homes that were 90 days or more delinquent -- the so-called shadow inventory that will soon flood the market with foreclosures -- for each corresponding metropolitan statistical area. For that we used data from Lender Processing Services, a mortgage industry service provider in Jacksonville, Fla.By ranking metros on those four measures and averaging those rankings, we arrived at a list of the top metro areas for borrowers.
There's also a much simpler sign that a metro area is good for borrowers: home-sale prices that are on the rise. It may seem counterintuitive because, on an individual basis, the higher the home price, the tougher it is to get a loan. But borrowers in general are in the best shape where home prices are rising; falling prices increase foreclosures, which influence restrictive lending.
But you won't find a better mortgage rate than in Boston, where it's the lowest of any major metro area, at 4.78%.
West Coast cities Seattle and Portland, Ore., also do well when it comes to average mortgage rates, but lending is consistently better in the Seattle area, where the foreclosure crisis has had only a limited impact. Foreclosures are rising in every major metro area, but only by a tiny margin in Seattle, where they increased 0.44% in a year.
In the end, however, it all comes back to the most important element of real estate: location. Where you live makes a difference to your mortgage. Someone with good credit and enough cash for a 20% down payment will spend more on interest for a 30-year fixed-rate mortgage in California than in Texas. The state-to-state differences are small, but they show location is factored into interest rates. And in metro areas where credit tends to be readily available, housing markets are much better off.
"Availability of credit is a big driver of home demand," says Steve Berg, the managing director of applied analytics for Lender Processing Services. "You can want a house really badly, but if you can't get the money to borrow, that's going to be a problem for most people."
This article was reported by Francesca Levy for Forbes.com.
Metro DC Area Home Prices Increase Most
Metro DC Area Home Prices Increase Most in US Over Past Year
May 25, 2010 by Charlie Bengel, Jr.
Home prices in the Washington area increased by the most in the country during the 12 months ending in March, the Washington Examiner reported. Prices for single-family homes increased 6.4 percent — the biggest increase out of 10 major metropolitan areas, according to CoreLogic, a real estate data company.
source: Washington Business Journal
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