Report: Wyoming home prices at high risk for decline

The economy in Wyoming right now: not great. The coal, oil and natural gas industries, and subsequently to the state, have been hit hard. Individuals have felt the pain in their own bank accounts. And now, individual home prices are in peril, a new report from the Arch Mortgage Insurance Company. "Despite the low overall (national) risk of home price declines, some areas in the energy-extraction (coal-, oil- or natural gas-producing) states remain at heightened risk and may experience slower than normal economic and home price growth," Arch MI said in a news release. Wyoming, North Dakota and West Virginia are the most at risk for home price declines. Wyoming has an Arch MI Risk Index value of 46, up from its Risk Index value of 40 in the Spring 2016 report. Wyoming’s mining and energy-related jobs continue to contract faster than can be offset by growth in other sectors, such as tourism. Additionally, the number of homes listed for sale in Wyoming is now 20 percent higher than a year ago. This higher number of homes for sale is due to people leaving the state. In the last year, Wyoming has also had the largest decrease in single-family housing starts and in the number of building permits issued. Read the complete report here . image credit #bootstrapped #news