DECEMBER 12TH, 2018

New Hampshire Mortgages

New Hampshire is a state with a healthy, robust and stable housing market. While the state’s market may be smaller than the markets in other states, it maintains a vigor that keeps prices appreciating at a rate that pleases both buyers and sellers. This stable market is based on the exceptional job market that New Hampshire enjoys.

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The US census showed that in 1999, New Hampshire had 6.5% of its population living below the poverty line, which is almost half as much as the national average of 12.4%. The median household income for that year was $49,467, compared to the national average of $41,994. This demonstrates that New Hampshire enjoys a economic vitality that can afford the slightly higher prices in housing in the state. The 2000 census data shows that the median value of an owner occupied home in New Hampshire was $133,300, while the national average was $119,600. The home ownership rate in New Hampshire for 2000 was 69.7%, compared with the national average of 66.2%. The census data, while older than industry estimates, is a more reliable data set for tracking housing trends as it is free from the biases that industry data holds.

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New Hampshire was found to be the nation’s most livable state, the second healthiest state, is in the top five safest states and is high on the list of states committed to education. Therefore it is hardly surprising that the state has been experiencing a housing boom as people flock to purchase homes in New Hampshire.

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Like a growing number of the nation’s top, hot and popular housing markets, New Hampshire is in the geographic middle of what many consider a housing market bubble. With so much pressure from ever rising housing prices could cause the bubble to pop and prices to fall.
In the past year, the state has been twelfth in the list of states with the quickest growing home prices. Housing prices have grown by more than 12 percent. In the past five years, only Rhode Island has a faster growing rate of appreciation.
Local economists are guessing that a price-correction period starting in late 2006 could result in a 5 percent to 25 percent drop in home prices. A drop of that size in home prices would be a boon to potential buyers, while being worrying for those looking to sell.

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