Following years of hard times, declining home values and a record volume of foreclosures, the housing market is finally hitting the bottom in at least some U.S. cities, and it can’t come soon enough for plenty of others.
North Dakota, South Dakota and parts of Texas are booming with oil and natural gas exploration driving many home prices higher. A delayed recovery, however, will be in effect for much of the nation as the country deals with record long unemployment, bank mortgages that went sideways and the highest number of underwater mortgages in a generation.
The corn-belt is feeding a buying frenzy in Kansas, Iowa and Nebraska, where lower home prices and record low mortgage rates have coupled to drive the reemergence of home sales. Minot, North Dakota isn’t exactly a metropolis with just 69,000 residents, but summer flooding damaged or destroyed hundreds of homes. Minot Air Force Base and booming oil fields are attracting newcomers to the region for jobs, which has sent the market into an upward spiral.
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