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New report looks at home-buying boom in Joplin - KOAM TV 7

New report looks at home-buying boom in Joplin

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A new report shows the City of Joplin is number one in the nation for home sales.

The report is from the Federal Housing Finance Agency and releases new data every three months.  Several cities in this region are being viewed as having a good, stable economy, but Joplin is taking the lead.

"It means that we have the best opportunity to help people get into new homes over any other city in the United States," says Jacob Bryan of Pulaski Bank Home Lending.

The Federal Housing Finance Agency uses a community's population to factor the rate of homes being sold and Joplin tops the list of more than 300 other cities.

The value of homes has increased on average by 3.5% over five years ago, and by nearly 5% from one year ago.

"A lot of sellers have decided 'hmm, there's a lot of buyers out there, lets put our house on the market and try and get it sold now,'" says Carol Ferguson of Pro 100 Realtors.

Realtors say new or old homes still aren't always being bought right away.

"Average days on market seem to be running about 120, 125 - before we were seeing about 140, pre-tornado," says Ferguson.  "It's kind of tough for lending, a little bit.  There's a whole bunch of criteria and everything that has to be met."

The government's Rural Development Loan, or RD, could help.

"You use to have to have perfect credit and 5% down in order to get a conventional loan without mortgage insurance, which is FHA," says Bryan.  "RD offers those with 0 down and payment with very minimum mortgage insurance."

Shortly after the tornado the government temporarily allowed Joplin residents to use the Rural Development Loan.

Many mortgage analysts and realtors hope that loan is offered past its September 30 deadline.

"The benefit is for people who were trying to buy a home late last year and early this year, but they didn't quite credit qualify, but they were instructed on what they needed to do to improve their situation - that doesn't happen overnight," says Bryan.

Numbers also show a Joplin home will retain much of its value past this housing boom.

The complete report from the federal government can be viewed by visiting U.S. housing market values.

 

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