http://www.marketwatch.com/story/the-filthy-rich-50-meet-the-richest-person-in-each-us-state-2014-10-17

The Filthy-Rich 50: Meet the richest person in each U.S. state

By Quentin Fottrell

Published: Dec 20, 2014 12:26 p.m. ET

 

 

Slide 1 of 52

Ever wonder who the richest person in your neighborhood is? Private wealth consultancy Wealth-X has (almost) figured it out for you by naming the richest person in each of the 50 U.S. states.

There are a few surprises on the list, and 9 of the 50 states don’t have any billionaires. (The deprived states are Utah, New Mexico, Mississippi, Maine, Delaware, Hawaii, South Dakota, Alaska and Wyoming.) Some really wealthy Americans — for example, Paul Allen, co-founder of Microsoft, who has an estimated wealth of around $16.4 billion — don’t make the list because they live in the same state as some even wealthier people. (In Allen’s case, his old friend Bill Gates, who has a net worth of $81.5 billion.)

Also see: 10 things billionaires won’t tell you

The encouraging news: 35 of the 50 individuals on the list are entrepreneurs who made their own fortunes. And, yes, they include investor Warren Buffett of Nebraska, the country’s second richest person; and media mogul and former New York City Mayor Michael Bloomberg. Only six women made the list. With a net worth of $37.9 billion, Christy Walton is the richest woman in Arkansas, the U.S. and the world; she is the widow of John T. Walton, one of the sons of Sam Walton, founder of Wal-Mart.

Without further ado, here are the 50 richest people by state:

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Economic data website from Federal Reserve

http://research.stlouisfed.org/fred2/

Data for North Carolina:
http://research.stlouisfed.org/fred2/categories/27315

Maps:
Average Hourly Earnings in Private Sector:
http://geofred.stlouisfed.org/map/?th=pubugn&cc=5&rc=false&im=fractile&lng=-90&lat=40&zm=4&sl&sv&dth=0a623eb20a3109cabfd9c50b367d2558&rt=state&undefined&at=Not%20Seasonally%20Adjusted,%20Annual,%20Dollars%20per%20Hour&fq=Annual&am=Average&un=lin&dt=2013-01-01

Home prices

http://money.cnn.com/2013/08/27/news/economy/home-prices/index.html

Home prices still surging ... for now

By Steve Hargreaves  @hargreavesCNN August 27, 2013: 10:52 AM ET

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NEW YORK (CNNMoney)

Home prices are still surging, but the pace of the gains has steadied as interest rates continue to rise.

Prices for homes in the nation's 20 largest cities in June rose 12.1% over the last year, according to a report Tuesday from S&P/Case-Shiller home price index.

While that gain is still robust, it didn't quite match the gain of 12.2% reported for May. Rising mortgage rates may be to blame.

"With interest rates rising to almost 4.6%, home buyers may be discouraged and sharp increases may be dampened," David Blitzer, chairman of the Index Committee at S&P Dow Jones Indices, said in a press release.

Home prices have been on a tear for the last twelve months. June marks the first time in over a year that the overall increase has been smaller than the month before. While prices rose in all 20 cities measured by the index, only six cities in June saw price increases larger than the month before, down from 10 cities in May.

Prices in Dallas and Denver hit all-time highs, while San Francisco housing prices notched the biggest rebound, rising 47% from their low in March 2009.

U.S. home prices are now at early 2004 levels -- still 23% below their peak in mid-2006.

And while mortgage rates have been steadily rising for the last few months, they're still at historically low levels.

Record-low rates, a lack of new homes on the market and years of pent up demand have been the driving forces behind the recent home price spike, according to Erik Johnson, senior U.S. economist at IHS Global Insight.

"The shortages are likely to get larger before getting smaller," Johnson wrote in a note Tuesday. "We still expect housing to remain a key driver of growth for at least the next couple of years."

Related: How the Fed can taper without killing housing

The recovering housing market has been a big part of the nation's economic recovery since the Great Recession. But many fear that rising mortgage rates could put a damper on that growth.

Rates have risen more than a full percentage point since May, when Federal Reserve Chairman Ben Bernanke indicated the Fed may soon ease its bond buying program that's helped keep interest rates at record lows.

While some cheer the Fed stepping back from its unusual bond purchases amid fears the buying will spark inflation, others worry that it may be too soon. 

First Published: August 27, 2013: 9:19 AM ET

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Home prices

http://www.cnbc.com/id/100715894

The numbers just keep going up. Home prices are defying gravity and expectations, which has some asking exactly how real they are and what is driving them. The answers lie, again, in the numbers, which vary depending on what particular report you choose.

Home prices nationally, including sales of distressed properties, rose 10.5 percent in March from a year ago, according to a new report from CoreLogic.

(Read More: Map: Tracking the US Real Estate Recovery)

http://www.cnbc.com/id/100424686

That report is based on repeat sales of homes over time. Another widely-watched report, the S&P/Case-Shiller Home Price Index shows home prices were up 9.3 percent in February in the top twenty markets.

Mortgages

30 yr fixed 3.53% 3.03% 30 yr fixed jumbo 3.95% 3.16% 15 yr fixed 2.73% 2.56% 15 yr fixed jumbo 3.51% 2.74% 5/1 ARM 2.61% 2.46% 5/1 jumbo ARM 2.86% 2.48%

Find personalized rates: Bankrate.com

This is also a repeat sales index, but it is based on a three-month running average. The National Association of Realtors reported median home prices up nearly 12 percent in March, but being a median, that number relies on the mix of homes sold. It is higher because fewer low-end distressed homes and more higher-priced, non-distressed homes are selling; that skews the median higher.

Those are just a few, but suffice it to say prices are rising based on higher demand and abnormally low supply. Supply, ironically, is low because so far regular home sellers who don't have to move would rather not sell into a market that is just beginning to recovery.

Also, many homeowners are still underwater on their mortgages, and therefore they would have to pay into their current homes in addition to paying for a new one.

(Read More: Old Ills Still Hit Big Banks)

But why are the price jumps so high? Some say it's all relative.

"Market observers shouldn't be fooled by the large headline numbers," warned Alex Villacorta, director of research and analytics at Clear Capital, a data provider. "Last year was a turning point for the market where the year started with prices at virtually their lowest point and saw a very strong correction through the year. Much of the gains we see right now in the yearly trends are a reflection of the market lows in 2012, rather than a function of recent short-term momentum."

Villacorta expects these big gains to subside as the market stabilizes and more supply comes up for sale. He sees the recovery of housing itself, not some broader economic resurgence, as housing's main driver.

"Moderate improvements in the broader economic landscape likely haven't offered potential homebuyers strong reason to jump back in at the start of the season. We do expect to see more buyers and sellers ready to take action over the next several months as rising prices continue to free up some underwater mortgages," he offered.

With home price gains running at more than twice the pace of income or rental growth, some are raising concerns of a bubble, but that is likely premature, according to researchers at Capital Economics. They noted that the strongest gains are out West in the markets where prices fell the most. Strong gains show how undervalued these markets are currently.

(Read More: Housing Recovery Shows Up In Job Gains)

"If house prices and incomes continued rising at their current rate, the house price-to-income ratio wouldn't return to its long-run average until 2017," said Paul Diggle, a property economist at Capital Economics.

What is really driving home prices is a return of consumer confidence. Twice as many Americans now think it's a good time to sell, according to a new Fannie Mae survey, largely because the majority believe prices will continue to rise.

Again, the recovery is feeding on itself. A lack of supply, coupled with new demand, is creating more competition and consequently higher offers. As that confidence grows, so too will supply, which of course would then ease the price gains as some have suggested.

"As inventory continues to decline, motivated buyers are turning their attention toward traditional listings," said Eric Locher president of the Charlotte Regional Realtor Association. "Sellers are responding and showing more confidence as new listings were up a welcomed 12 percent in April. We believe this activity will continue. These are the signs of a healthy market."

—By CNBC's Diana Olick; Follow her on Twitter @Diana_Olick or on Facebook atfacebook.com/DianaOlickCNBC

Questions? Comments? RealtyCheck@cnbc.com