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Willisms

« Trivia Tidbit of the Day: Part 710 -- Texas Versus Michigan. | WILLisms.com | Trivia Tidbit of the Day: Part 712 -- Collegiate Merchandise Sales. »

Trivia Tidbit of the Day: Part 711 -- Home Prices & Migration.

Jobs & Economy-

By some accounts, the national recession began three years ago.

Home prices, since the recession began, are up in only a small number of states:

homepricestexas.gif

Prices tend to be higher in states to where people are still moving. Prices have fallen dramatically in states from where people are leaving-- or at least not moving to in droves any longer. Michael Barone has some interesting analysis from early this year on domestic migration:

California, for one, which had net domestic outmigration of 3.9 percent, offsetting almost all of its net international migration of 5.4 percent. There was a similar pattern in Florida, where there was for the first time in many years net domestic outmigration (0.5 percent), offset by net international migration of 4.2 percent. In the South, the Carolinas boomed, while growth in Georgia (which is to say metro Atlanta, which is about half the state) tapered off. Texas, with no state income tax, continues to boom, with significant net domestic migration (5.8 percent) and net international migration (3.8 percent). Tennessee, another state with no income tax, continues to outperform the other states between the Atlantic Coast and Texas. Nevada, which once topped the list, is down because of the decline of the gaming industry, which became visible in spring 2007. The Pacific Northwest remains robust, as does mineral-rich Wyoming.

Home prices didn't crash in Texas, partly because there was never the kind of bubble seen in other states, but also because there was still a robust demand for new and old homes-- because people were still moving to Texas in droves over the past few years. The same could be said for North Carolina and a few other growing states.

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Previous Trivia Tidbit: Texas Versus Michigan.

Posted by Will Franklin · 8 December 2009 10:49 AM

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