We may have seen a rise in Columbia, MO foreclosures, but since our market didn’t have overly inflated home prices to begin with, home values haven’t dipped that low here.
Columbia, MO (PRWEB) March 30, 2011
2011 may not be the city of Columbia, Missouri’s best year, but it will be far from its worst, according to experts at the annual Economic Outlook Conference held at the University of Missouri’s Trulaske College of Business before the end of last year. Leading Columbia Realtor Kim Schwartz agrees, citing the fact that while home prices in the Columbia, MO realty market have dipped somewhat, unemployment here remains well below the national average and the area’s highly educated workforce and well-balanced mix of industries will continue to attract new businesses in the future.
“The Columbia area has been dealing relatively well with the challenges of the economic downturn and our real estate market is in much better health compared to many other areas across the country,” says Schwartz. “We may have seen a rise in Columbia, MO foreclosures, but since our market didn’t have overly inflated home prices to begin with, home values haven’t dipped that low here.”
Schwartz also noted that the area’s low unemployment rate has contributed to its stability. “As of December 2010, the Columbia metropolitan area ranks among the top 50 metro areas in the country with the lowest unemployment rates,” she says. According to the Bureau of Labor Statistics’ most recent rankings, the Columbia metro area’s unemployment rate was pegged at 6.2 percent, placing it at the 39th spot. Boone County also has the lowest unemployment rate in Missouri’s 19-county Central Region.
Columbia has long enjoyed economic stability, brought about by the fact that it has a diverse blend of core industries, which includes healthcare, insurance and education. The city is the seat of Boone County and is home to the University of Missouri, widely recognized for being one of the top national universities.