ST. LOUIS (KMOX) – The St. Louis housing market continues a post-Recession surge, and here’s why according to Central Bank president Rick Bagy.
“The big driver is jobs. We’re all working, probably at historically what was known as full employment, less than 5 percent nationwide and in St. Louis, so we have money to spend,” he says.
He says there’s also been a shift in home-buying attitudes since the end of the Recession.
“In the downturn it appeared that owning a house was a bad thing, if you bought it for 100 it was probably worth 70, and now we’re starting to see growth in value and prices,” he says.
Bagy is worried interest rates may begin creeping back up in 2018, but adds that he’s been saying that for the past five years and it hasn’t happened yet.