Isaac Toussie Surveys Wyoming Real Estate
Isaac Toussie offers some thoughts and basic information on the Wyoming real estate market in particular.
Never a hot real estate market like California or New York, Wyoming realty does not suffer as greatly in comparison during these recessionary times, with fairly stable trend-lines and something of a balance between supply and demand. Interest rates are currently very low, and inventory is good; combined with the federal stimulus incentive for first-time homebuyers (almost eight thousand dollars in tax credits), such conditions can only help the state’s residential realty perk up to some degree. Otherwise, realtors will only have mostly refinancing and second home purchases with which to bread their butter.
Over two years before the nationwide housing bubble, a top official from Wyoming’s Division of Banking had warned that the state needed to regulate mortgage companies more. It is interesting and instructive to look back upon the recommendations suggested. Some are amazingly common sensical yet apparently hadn’t been thought of before, such as requiring criminal background checks of mortgage lenders and brokers via fingerprinting. Clearly government was asleep at the helm, for the most part, and Wyoming is not a particularly hot real estate market that corporate lobbies had targeted for favorable self-serving regulations.
Though rising interest rates and increased inventory indicate a cooling of the residential market, housing in Wyoming has not experienced the kind of speculative investment bubble that has caused so much misery for points further south and east in Nevada and Florida, respectively. Bubbles occur when prices bear no relation to the market realities of supply and demand, but Wyoming realities have been fairly stable, as the state was never a real estate hot spot like California or New York. Though prices have declined as a result of the unprecedented recession affecting the entire country, the increasingly loosened credit prompted by governmental stimulus plans should result in more sales, even if only modestly more.
The content of this article, provided by Isaac Toussie, has been posted strictly for informational and human interest purposes only, not for advisory purposes, and should not be relied upon in any way by any person or institution. The reader should not rely on the validity of any of the information contained herein. The reader is urged to consult a variety of professionals when making business or any other significant decision, including accountants, lawyers, investment advisors, insurance companies and the like. Again, this article has been posted merely for human interest and informational purposes, not for advisory purposes.
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