Depression settling in? (Charleston, Huntington, Beckley: sales, real estate market, insurance)

[sarahreed87]

I know the economy is crappy right now, but I don't know if I'd call it a depression just yet.. do you think its going to become that way, and be especially bad in rural areas such as WV? I plan on relocating to Motown WV this year (hopefully sooner rather than later) but since it will be my first time moving out and really far from everyone I know, I worry about the economy since MD's is easier than WV's even when the economy ISNT crap.

No need to worry, though, right?

Basically, you can talk about the above stuff.. or just give your thoughts on the present and projected national ecomomy and how you see it affecting wv.. how it may be offset also.

[David Kennedy]

North Central Wv's economy will be just fine. It's not driven by the same factors that drive the other parts of the economy in America. Much of this about a weak economy has been political hype. Remember the great Carville PR stunt that got Clinton elected...'It's the Economy Stupid' See what that hype did for the real estate market? put it in the tank...It shows the 'Lemming Mentality' in our lifestyles.

Great expansion has taken place in the NCWv area and people are needed to serve those entities. This region will do fine. Don't worry about finding a job.
The considering factor...a job without the need for car travel. When gasoline gets to $4 this year, and it will happen because the Europeans pay $9 a gallon...it will begin to really hurt our mobile society.
If our buying power has shrunk 13% so far, the added burden will shrink our buying power to about 17%....that's a big hit in a two year period.
As a student here, live poor like the rest..Salvation Army, Goodwill and others have stores that cater to needs...just satisfy those with the critical mass of your income and things will be ok. The exercise of frugality is a mental exercise of wit and discipline.
West Virginia has a thriving under economy...you will see that too...learning how to work these opportunities will pay you back dividends later in your life. The great 'survival' experience will determine 'who' you are..you will do ok...any mistakes will be learning tools that will help later..
Most of this is the adrenilan rush...eaglets have it when they leave the clift tops and fly for the first time...
have your sweetie take you over to 'Dying Art Glass...see the studio and watch Ron Hinkle blow some of those incredible glass creations in his shop...Ron and his wife Betty are two of our very best friends. see the website hinklesglass.com Will offset any depression...
Ron's work is seen on display at Tamarac near Beckley and Mountain Made in Thomas...sparkling treasures...from a great kind man and a wonderful talent.

[tbailey1138]

That's one good thing about WVs economy. It doesn't have the roller coaster ups and downs that the rest of the country often has. It's more steady than the rest of the country and so when slow downs like this happen, it rarely has much if any effect on the economy here. In terms of things like the housing market, it has really slowed down in other places but in Huntington prices and sales are up 7% and in Charleston home prices are up 4%. In fact, both cities were in the top 50 for home price appreciation when compared to 291 other metro areas in the US. I wouldn't worry about the economy here too much. Just be smart with your money and everything will be just fine.

Tim

Home prices by city - MSN Money

[snorpus]

Our economy's current problems have two roots: the collapse of over-inflated housing prices, and the jump in oil prices. I can argue that both of these actually help West Virginia.

As pointed out above, WV's housing market never soared like it did in places like Florida and California. (Recently I read a tale of woe in a Tampa paper about a couple who paid $235K for a 1300sf house, and between rising insurance rates and property taxes, will probably lose it.) WV doesn't have the kinds of speculators who would buy a condo pre-construction, hoping to sell it for $50K more when it actually got built, and now having to bail because the mortgage market tightened up, and there are no buyers.

Every time the cost of foreign oil goes up, it makes WV coal, oil, and gas that much more competitive. It seems like every day I pass a convoy of drilling rigs, headed south to WV or on the way back. It's not very visible, they don't hit gushers like Spindletop, but it's gradually building up the economy of the state.

And as DK wrote, not all economic activity gets recorded in the government's books...

[sarahreed87]

cool... sounds good.

[David Kennedy]

My daughter is looking at a 4 bedroom with pool in Orlando for $105k...and a 5 bedroom on the outskirts of Clearwater for $125k both are bank repos..its the time to buy...

[appalachiangirl]

Florida sounds nice this time of year! The winter months in WV are SO DREARY!!!I think I've forgotten what sunshine looks like!

[harborlady]

Originally Posted by appalachiangirl

Florida sounds nice this time of year! The winter months in WV are SO DREARY!!!I think I've forgotten what sunshine looks like!

I didn't see that much snow historically on the southern part of the state once you're off the mountain tops, but seems flurries keep trying 2 or 3 times a week in charleston. Still, thats a modest version of winter.

Appalachiangirl, best you don't live in canada, michigan or wisconsin! I had the option of being stationed in junea alaska or buffalo ny and I mistakenly chose buffalo thinking it would be warmer. Big ole DUH moment when greeted by 2ft of snow at the airport (wearing uniform skirt and patent leather heels), added another foot per month the whole winter right up until easter.

I gladly shuffled OUT of buffalo LOL

[snorpus]

All those dreary days (and all that winter snow) mean w-a-t-e-r.

Something Florida (and the whole southeast) doesn't have nearly enough of, just for their current population. The Everglades are shrinking, counties in Florida are having (so far civilized) water rights wars like in the days of the Old West.

By the way, look out in New England, we're sending you another 6 or so inches of snow tomorrow.

[corgis]

Some parts of Maine have packed snow up past their windows - more coming. Thank goodness it's not too cold this year.