Eric Fox is VP of Statistical and Economic Modeling at Veros Real Estate Solutions. Fox received his M.S. in Statistics and B.S. in Mathematics and Economics from Purdue University, and has 30 years of industrial experience in statistical and econometric modeling, probabilistic life methodology development, statistical training, probabilistic design software development, and probabilistic financial/competitive analysis.
The new VeroFORECAST report for the fourth quarter of 2018 shows there are now 18 housing markets predicted to see average property values depreciate over the year ending December 1, 2019. 18 markets? This represents the largest number of housing markets riding the bottom of the forecast since June 2017
After nearly two years of continuous projected year-over-year increases in nationwide residential real estate appreciation, we predict that properties in the largest 100 markets will appreciate at just 3.9% in the coming year. Increasing housing supply and rising interest rates will be key contributors to the softening of the market.
With a growing population and bustling business growth, the Dallas-Fort Worth-Arlington MSA is projected to see some growth in real estate appreciation but may be softening in the coming months. Read Eric Fox's analysis for more detail.
The recent announcement that one of Amazon's two new headquarters will be in Arlington, Virginia, just over an hour's drive from historic Richmond, may begin to have ripple effects through eastern Virginia as early as next year.
The Orlando-Kissimmee-Sanford, Florida Metropolitan Statistical Area lays claim to Theme Park Capital of the World and number one in job growth among the nation's large metros. So what's housing going to do there for the next year. Click through for your answer.
[Expert commentary] The latest VeroFORECAST report shows that 351 Metropolitan Statistical Areas will experience property appreciation in the next year. But, of the bottom 10 MSAs, seven will see values decline between -0.2% and -2.2% in 2019. The two most troubled markets? Farmington, New Mexico, and Vineland-Millville-Bridgeton, New Jersey.
According to the latest VeroFORECAST, this MSA is projected to see 11.7% appreciation for single-family residences and 11% appreciation for condos and townhomes and its market remains one of the strongest markets in the country, with its extremely low 1.4-month supply of homes struggling to fill the demands of its growing population.
Fargo's notoriety, at least as a pop culture reference, has been on the rise since the release of a Coen brothers' comedy in 1996 and recent success of the television series it inspired. But when it comes to property values in the Fargo, ND-Moorhead, MN, MSA, the projected rise will be modest at best, according to VeroFORECAST projections. Read an exclusive analysis from Veros' Eric Fox to learn more.
Five years ago, Detroit, the principal city in the Detroit-Warren-Livonia, Michigan Metropolitan Statistical Area, was declaring bankruptcy with debt estimates as high as $20 billion. This summer, those troubles seem comfortably in the rearview, according to the latest VeroFORECAST, which shows that real estate values in the nation's 14th most populous MSA are predicted to increase at an average of 6.8% over the next 12 months.
With the recent turnover in leadership at the Federal Housing Finance Agency, we may be standing at the precipice of great change in the government’s role in supporting the mortgage market through Fannie Mae and Freddie Mac.