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Patrick Springer, Published October 17 2007

Fargo housing market outperforms national average

A national housing economist said Fargo’s housing market will remain a bright spot on the map and predicted Wednesday that new housing starts here will continue to outpace the national rate.

Robert Denk, a senior analyst and forecaster for the National Association of Home Builders, said Fargo’s recovery from the slump in housing starts will be stronger and begin sooner than the nation overall.

“The Fargo area and North Dakota in general is actually doing much better than the national trend,” Denk told reporters at a news conference by the Home Builders Association of Fargo-Moorhead. “Fargo is certainly among the stronger markets.”

National news coverage about the struggling housing market has been dominated by sharp declines in metropolitan areas that suffered a collapse following abusive lending and speculative investment, Denk said.

The national housing market probably will recover some time in 2008, but still faces uncertainty stemming from the ongoing drag from defaulted subprime mortgages, Denk said.

North Dakota and South Dakota had the lowest rate of subprime home loans in the nation, according to the National Association of Home Builders.

“In 2008 Fargo’s going to be one of the strongest markets,” Denk said.

For more on the story, read The Forum Thursday.

Readers can reach Forum reporter Patrick Springer at (701) 241-5522

Fargo housing market outperforms national average Patrick Springer 20071017