The unemployment is now over ten percent, but the housing market is on the rise.
The City of Fort Smith issued 40 new building permits in October, a 155 percent increase in value over October of last year.
Dave Hughes with the Greater Fort Smith Homeowners Association says they expected to see a four percent increase in 2009.
He says the big October numbers should be put in perspective. "We don't take month to month as the beginning or end of anything. We average out after a 12 month period, we look and see and we're sticking with a four percent projection, which is pretty healthy for our market," said Hughes.
The October numbers were particularly high because of the Northpoint housing project.
Northpoint provides low cost housing to families in Fort Smith.
The Fort Smith Housing Authority is expanding Northpoint by building Northpoint 2, which will consist of duplexes and single family homes.
Ken Pyle with the Fort Smith Housing Authority says the new builds are meeting a need in the down economy. "We have a wait list for North Point. We're fully leased up. We've already started building a wait list and doing some pre-leasing for North Point 2 here. It's quality, safe, decent housing that families in Fort Smith in Fort Smith that are in the rental market are going to flock to," said Pyle.
Hughes says now is the time to buy in Fort Smith. And says whether the positive trend will continue or not depends on interest rates going into 2010. "We're watching that closely. Hopefully people are taking advantage of certain incentives that are on the market now and the low interest mortgages and make their purchasing decision while they can and while it's a great value," he said. Northpoint Two is expected to be open in late fall of 2010.
They will begin leasing in April
The City of Fort Smith issued 40 new building permits in October, a 155 percent increase in value over October of last year.
Dave Hughes with the Greater Fort Smith Homeowners Association says they expected to see a four percent increase in 2009.
He says the big October numbers should be put in perspective. "We don't take month to month as the beginning or end of anything. We average out after a 12 month period, we look and see and we're sticking with a four percent projection, which is pretty healthy for our market," said Hughes.
The October numbers were particularly high because of the Northpoint housing project.
Northpoint provides low cost housing to families in Fort Smith.
The Fort Smith Housing Authority is expanding Northpoint by building Northpoint 2, which will consist of duplexes and single family homes.
Ken Pyle with the Fort Smith Housing Authority says the new builds are meeting a need in the down economy. "We have a wait list for North Point. We're fully leased up. We've already started building a wait list and doing some pre-leasing for North Point 2 here. It's quality, safe, decent housing that families in Fort Smith in Fort Smith that are in the rental market are going to flock to," said Pyle.
Hughes says now is the time to buy in Fort Smith. And says whether the positive trend will continue or not depends on interest rates going into 2010. "We're watching that closely. Hopefully people are taking advantage of certain incentives that are on the market now and the low interest mortgages and make their purchasing decision while they can and while it's a great value," he said. Northpoint Two is expected to be open in late fall of 2010.
They will begin leasing in April
