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Article Excerpt
[ILLUSTRATION OMITTED]
The near meltdown of the housing finance industry has sent shock waves through the nation's economy. While Montana hasn't experienced the number of mortgage foreclosures or other financial disasters as some states, it has been a tough year for the state's housing industry. Montana housing statistics for 2008 show a significant reduction in existing home sales and new construction with modest, if any, price appreciation. The number of purchases of vacation homes and investment properties has fallen considerably.
Over the past year, the sale of existing homes in Montana fell 19 percent to 20,400. This decrease follows three years of relatively stable sales totals, with 2005-07 sales of 25,400, 26,800, and 24,100 respectively. (1) New home construction has declined by one-third (34 percent), with 2,074 housing starts through June 2008, compared with 3,138 housing starts for the first six months of 2007. (2) And while average home prices statewide have not fallen--at least not yet--the average sale price of a home grew by less than one-tenth of 1 percent between midyear 2007 and 2008 using the purchase-only Office of Federal Housing Enterprise Insight (OFHEO) index. (3) This after average price increases of 11 percent and 8 percent in...
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