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Th e M Rep o RT | 7 Department Dallas, Texas Dallas-Plano-Irving submarket 2014 Population growth rate: 1.98% 2015 Projected population growth rate: 2.04% Unemployment rate: 4.91% Median home price: Median price of homes sold: $235,785 The Dallas metro area enjoys some of the same benefits as Houston, with the energy sector still a strong part of the area's diverse economy. While homebuyers pay a much lower median home price when compared to Houston and Austin, the "Big D" and surrounding suburbs are still seeing healthy price growth due to an expanding population and the relative stability of the local economy. FlinT, Michigan Population shrunk 2.45% from 2010 to 2013 Unemployment: 9.8% Median home price: $36,200. Flint, Michigan, is not a surprise on the list of shrinking local economies. Reliant previously on the manufacturing industry, the town is still taking a hit from changes in that sector. With unemployment near 10%, it's not a surprise that the local population continues to decline. Originators offering loans in Flint or the surrounding area may need to be mindful of whether values could fall even more -- or if the potential buyer will have enough economic stability long-term to pay back a loan or benefit from price changes. Given the current trends, the answer to these questions is unlikely to be positive. MansFielD, OhiO Population shrunk 2.17% from 2010 to 2013 Unemployment: 8.1% Median home price: $56,200 Mansfield, Ohio, continues the trend of manu- facturing cities becoming risks and outliers for mortgage originators. The city faced pain when a General Motors plant closed a few years back, 24/7 Wall St. noted. Since then, thousands of people have migrated away and the city maintains an unemploy- ment rate that is well above average. As 24/7 Wall St. reports, the area is in such financial disarray that the Mansfield school district had to declare a fiscal emergency within the past year. Sources: Zillow, Forbes, and 24/7 Wall Street JOhnsTOwn, Pennsylvania Population shrunk 2.21% from 2010 to 2013 Unemployment: 8.1% Median home price: $31,325 Similar to Flint, Johnstown, Penn., has been on the decline for more than a decade. The town known once as a power player in steelmaking is struggling with low home prices and a high unemployment rate. 24/7 Wall St. puts it in the same category as Flint: a city that lost its economic base and contin- ues to lose its population. ∂ ausTin, Texas 2014 projected population growth rate: 2.52% 2015 projected population growth rate: 2.51% Unemployment rate: 4.13% Median home price: approximately: $345,000 The Austin real estate market really knows how to "Hook Em" with the metro area boasting a robust tech industry, a major international university in the form of the University of Texas and scenic hilly views that play against the "flatlands of Texas" stereo- type. All of this combined makes the city a mecca for university students, nature lovers and educated professionals engaged in business as well. The laws of supply and demand have made Austin a bit more expensive than Houston, with Zillow plac- ing the average median home price at $345,000. ∂ ∂ Raleigh, nORTh caROlina 2014 Population growth rate: 1.86% 2015 Projected Population growth rate: 2.02% Unemployment rate: 4.83% Median home price: $192,800 Raleigh, North Carolina, breaks the Texas trend, coming in fourth behind Dallas—making it the only East Coast city ranked among the top five in Forbes fastest growing city report. As Forbes reports, the median pay in Raleigh—which benefits from both educational and research facilities—hovers at $64,700. ∂ seaTTle, washingTOn 2014 Population growth rate: 1.3% 2015 Projected population growth rate: 1.3% Unemployment: 4.7% Median home price: $475,900 Seattle is listed by Zillow as a market with a tem- perature that is "hot." With the median home price coming in at nearly a half-a-million dollars and the population growing at a steady 1.3% clip, this North- west city lands in the positive column in many real estate surveys. Forbes took notice after King County (which includes Seattle) added 56,000 jobs from 2013 to 2014. It also is home to individuals with buy- ing power due to its base of power-player compa- nies, including Boeing, Microsoft, Costco, Starbucks and Amazon, Forbes points out. ∂ Pine BluFF, aRkansas Population Shrunk 4.43 percent from 2010 to 2013 Unemployment: 10.2% (21st highest) Median Home Price: $84,500 About 5,000 people migrated away from Pine Bluff, Ark., between 2010 and 2013, 24/7 Wall St. reports. This left the area with less than 96,000 people. Crime rates, a lack of decent jobs and high unemployment also played a role in the mass exodus, according to the publication. The takeaway for originators when seeing stats like these: Be wary of falling populations, which often predict an eventual drop in sales and values. Pine Bluffs is not a standout name across the country, but according to 24/7 Wall St., its internal struggles are quite real and documented. ∂ ∂ ∂

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