Is the Housing Market on the Rise?

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It’s the fastest start in ten years for housing activity in the F–M area.

Kvrrs Erin Lisch has the numbers and how it’s affecting more than just people looking for a new home.

The housing market in the metro, is on the up and up.

Housing permit values have increased from just under $105 million to almost $130 million.

Dilworth saw a 240% increase in permits since last year….and Moorhead has had its strongest year in new housing in 8 years.

Something that’s keeping construction workers very busy.

Tore Bredvick said, “Keeping up with work is not even possible. because you lose houses more than you gain. Just because there are so many houses to build in this town.”

A big issue for homeowners is the FEMA flood plan change.

According to the Home builders association officials say if the diversion is not started in the next five years the base flood elevation could very well go up an additional 1 1/2 affecting thousands of current homes.

Home Builders Association President Clay Dietrich said,”They’re going to take the biggest player in the community, and devalue their housing because you now have flood insurance, costing $400, $500 dollars a month and that comes out of your payment.”

Owners outside the required flood insurance area have something to think about now.

Homeowner Whitney Leedahl said, “Over a mortgage I think it’s close to 20,000 dollars and it makes a difference

“If you could live someplace else and not have that expense you’re going to, so when you take that biggest player and you put it at risk, you’ve got a problem,”said Dietrich.

When the market isn’t rising, it’s falling, so let’s hope this is only the beginning of a climbing housing season.

Erin Lisch KVRR News

You can see an in depth chart of the numbers from this housing quarter here