First-time Buyers – The Industry from a Generation Y Perspective – Part 3
November 5, 2009
Now that we’ve discussed some of the motivations for Generation Y to become first-time home buyers, there is still one huge question left to ask – “WHERE?”
Where to Buy Land
The Dallas-Fort Worth area came off best in the latest forecast of future home values. North Texas metro areas were ranked as the least likely in the country to experience a sustained home-price decline in mortgage insurance giant PMI Group’s newest report.
The Dallas Ft. Worth area has less than a 1 percent chance of having lower home prices in two years, according to PMI Group’s risk study. The California-based insurer ranks about 50 U.S. cities based on the likelihood of declines in home prices.
All of Texas’ major markets were at the bottom of PMI’s ranking, which was released Wednesday. “Texas is looking better than anybody else,” said PMI economist David Berson. “The economy is doing much better in Texas than other places, and you didn’t get the huge run-up in prices that needs to be worked off.”
Even so, home prices in North Texas are down about 2.5 percent from a year ago, according to the latest estimate from Standard & Poor’s Case-Shiller index.