Dec 11 2008

Rural Housing Report

Published by at 7:04 am under General Information

Buying Opportunities In Nation’s Rural Housing Markets
Forget the credit squeeze, get out of town, enjoy the fresh air, buy a home in the country. That’s the message according to Rural Development Housing Programs. 

If you’ve been unable to buy a metropolitan area home, take a look at rural America’s neighborhoods. The commute to work could be a real trip, but it’s also an opportunity to take the glass-half-full approach, slow down and work at home. Either way, your dream home may await in a quiet pastoral setting, far from the din of city life, but a lot closer to the money to finance it. Realty Times reports that Homebuyers who purchased rural homes underwritten by the USDA  are doing far better these days than the rest of the nation when it comes to keeping a roof over head.

Housing the old fashioned way

Rural homeownership is surviving because of sound lending practices and isolation — both geographical and financial — from the boom-bust markets. Underwriting also recognizes unique rural America characteristics — seasonal work, shift work, changing income and migration patterns — thanks to long-term market evaluation efforts. The out-migration that has occurred since WWII may be in for a change, given today’s yen for a simpler life and a piece of owner-occupied housing pie. The trend hasn’t gone unnoticed by USDA underwriters.

That saner, detailed approach to underwriting — rather than the assembly line loans-for-all policy that failed the national housing market — sheltered the rural housing market from “bubble” conditions that caused skyrocketing home values and the eventual crash.

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