Utah and Mississippi Make Top Real Estate Buyers Forecast
Two housing markets in opposite directions of the U.S. have made the annual Housing Predictor Hottest Buyers Markets list. Housing Predictor forecasts more than 250 local housing markets futures in all 50 U.S. states.
Salt Lake City, Utah placed third in the top 10 buyers markets and Biloxi, Mississippi snagged the seventh spot. Albuquerque, New Mexico won the top spot in the annual list and is strongly favored to appreciate at the highest rate of any U.S. housing market throughout the rest of 2007.
Salt Lake City experienced record appreciation in 2006. The average home in Salt Lake gained 19.9% in appreciation during the year, and although sales are beginning to slow a bit the market is expected to complete the year with more than 8% in appreciation.
Located on the Gulf of Mexico, Biloxi, Mississippi was devastated by Hurricane Katrina nearly two years ago. The casinos, which had been housed on huge permanent barges over gulf waters were blown inland by the storm, destroying much of what use to be the community.
But Biloxi city and Mississippi state leaders have made an aggressive movement towards rebuilding their city. Five casinos, on which the city relies for many of its jobs and income have been reopened. Eight huge condominium developments are being constructed along the waterfront. Three new condo projects have already been completed, and new homes are being built.
Much of the Mississippi real estate market was hard hit before Hurricane Katrina struck. Mississippi has historically been one of the poorest states in the nation, according to U.S. government Census figures. But the reconstruction has again given a new life to the community as a gambling and entertainment center. Jackson, Mississippi is under going its largest boom market in the city’s history as a result of many people moving further to the north away from the Gulf front.
The prices of homes and condominiums in Biloxi are rising at a rapid rate, despite higher homeowners insurance premiums being charged in the aftermath of the storm for coastal residents. The demand in the second home market for vacation properties especially along the coast is still strong due to the baby boomers generation, which values its vacation time and quality of life much more highly than previous generations.
A handful of Texas real estate markets made the list. Texas has some of the strongest appreciating real estate markets in the nation.
To see the entire list of the Hottest 10 Buyers Markets, check on your local markets forecast and search real estate listings visit http://www.housingpredictor.com
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- Housing Predictor
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