Top 25 Housing Markets Appreciating Rapidly
The mid-year update of the top 25 U.S. housing markets by Housing Predictor shows a growing trend of real estate markets that are appreciating rapidly, while many of the nationís markets are depreciating just as fast. Housing Predictor forecasts more than 250 local housing markets in all 50 U.S. states.
Albuquerque, New Mexico retains itís top spot as the fastest appreciating housing market in the nation with a forecast 9.1% in appreciation on average through the end of 2007. But on the other end of the spectrum Miami, Florida also retains its ranking as the worst housing market in the nation for the year with a forecast depreciation of 12.7%. Miami has been slammed with a condominium market that has been over built amid a swarm of investors who have pulled out of pre-construction condo deals.
After more than three years of double-digit appreciation Seattle, Washington is still holding its own, despite slower sales activity and a market that is making a transition from a strong sellers market to favor the buyers. However, Seattleís ranking moved up the list.
New Orleans, Louisiana has been hard hit not only by the fallout from unprecedented damage and destruction from the nationís worst natural disaster in Hurricane Katrina, but now has also suffered from the result of the sub-prime loan crisis, dropping from the top 25 markets.
But Portland, Oregon, Boise, Idaho and Spokane, Washington in the Pacific north-west have been added to the top 25 markets for their rapid growth and healthy local economies.
The south-east portion of the nation, however, still c controls the majority of spots in the top 25 markets. Despite an increase in foreclosures in some Texas markets as a result of the sub-prime fallout, Texas still has the strongest statewide real estate market in the nation, where investors are flocking and appreciation is at its highest in years in many markets. Six Texas markets remain among the top 25.
Housing markets in Arkansas, North Carolina, Mississippi and Tennessee are also performing strongly and are holding their high ranking positions in the top 25, despite higher levels of foreclosures in some markets. Housing Predictor has forecast that more than two and a half million foreclosures will occur nationwide through 2009 as a result of fall out from the sub-prime crisis as it spreads into the conventional mortgage markets.
However, the fall out from the sub-prime meltdown is already demonstrating a balance between supply and demand in many markets throughout the nation, and appears to be limiting itself to mainly poorer geographic and larger urban areas. Eighteen states markets are appreciating.
To check on the Top 25 markets forecast, the Worst 25 markets and your markets forecast visit http://www.HousingPredictor.com
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- Housing Predictor
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