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» VISIT US ONLINE @ DSNEWS.COM 87 NORTH DAKOTA North Dakota's Postbubble Home Value Recovery Ten years after the housing bubble burst, how have the nation's housing markets had recovered during that intervening decade. Newsweek recently set out to answer that ques- tion in a post entitled, "Which States Have Seen House Prices Rise Since the Real Estate Bubble Burst?" Newsweek examined U.S. Census Bureau home value data for each state (as well as the District of Columbia and Puerto Rico) for the years 2007 and 2017. Based on Newsweek's study, North Dakota emerged as the state that saw the biggest increase in home prices during that decade, with an increase of more than 80 percent. Based on Census Bureau data, the median home value in North Dakota in 2007 was $106,800. In 2017, the median value had risen to $194,700, an increase of 82.3 percent. Ac- cording to Zillow, the median value as of Oc- tober 2018 had inched up to more than $200K. According to Newsweek, "North Dakota's oil boom happened at roughly the same time as the recession, attracting new workers to the state and cushioning the effects of the credit crunch." South Dakota also saw a significant increase in home values during that decade, albeit not as impressive a surge as its northern neighbor. According to Newsweek's examina- tion of Census Bureau data, the median 2007 house value in South Dakota was $118,700. By 2017, that number had climbed to $167,600, a change of 41.2 percent. e median value as of October 2018 was $183,200, per Zillow. Nevada sits at the bottom of Newsweek's list with a 2007 median home value of $311,300. In 2017, that total had dropped to $258,200, a negative change of 17.1 percent. Zillow reports that the October 2018 median home value for Nevada sat at $284,300, so things have at least shifted back in the other direction in 2018. "At the moment, house prices in Las Vegas are rising at twice the national average, despite the city's sluggish economy," Newsweek said. OHIO The Work-From-Home Effect e location of one's job has generally been a major determining factor for where people live. However, with technological expansion has come the rise of telecommuting, freeing some employees from the location-based con- straints of their work. According to the latest Home Value Forecast from Pro Teck Valua- tion Services, this changing landscape of the labor force is having a notable impact on home prices in markets across the nation. Metros such as Cleveland and Pittsburgh are beginning to see increased demand and rising home prices after wallowing in recent years. In fact, after crashing during the hous- ing crisis, Cleveland's home prices are at record highs, according to Pro Teck. Cleveland's economy outpaced both Cin- cinnati and Columbus in 2017, growing at a pace of 2.9 percent. is spur in growth is due to an uptick in the professional services sector, according to Pro Teck. "Technology has revolutionized how busi- ness is done, allowing workers to escape the office and work from anywhere," Pro Teck stated with the release of its latest forecast. "is, combined with employment gains and a shift from a labor-based to knowledge-based economy, is impacting home prices across the country." Another metro market experiencing home- price growth due to the booming professional- services sector is Denver. e Denver area has experienced substantial growth over the past few years, and according to Pro Teck, "e groundswell in Denver has spread the tele- commuting trend throughout Colorado." Greely and Colorado Springs, Colorado, both placed on Pro Teck's 10 hottest core- based statistical areas in July. Greely home prices averaged $340,000, and in Colorado Springs, the average home price was $302,000. Pro Teck expects the telecommuting trend to continue and for it to continue to impact the housing market. Pro Teck anticipates "other lagging metros" will follow in the footsteps of Cleveland and Pittsburgh and "see an uptick in their desirability in the near future." In particular, the millennial generation is contributing to the uptick in housing demand in areas that were previously unpopular among young professionals. is generation, which strongly values work-life balance and tends to favor telecommuting, is now the largest gen- eration in the labor force, according to recent data from Pew Research Institute. Additionally, a large number of the jobs being created now are in the "professional and business services" sector, which lends itself to working remotely. At the 2019 Five Star Fintech Summit, subject-matter experts representing leading mortgage and tech companies will discuss the latest advances in financial technology and how these innovations are being implemented to streamline processes, increase transparency, and reduce costs across the financial services sector. MARCH 13–14, 2019 THE GUEST HOUSE AT GRACELAND MEMPHIS, TENNESSEE FiveStarFintech.com

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