Best and Worst U.S. Housing Markets
National housing prices continued to slide last quarter, dropping an average of 1.5% over the year before, according to the latest report by the National Association of Realtors.
But things are looking up for two-thirds of the country’s big cities where median home sale prices rose.
Leading the charge was Seattle, where prices increased 8.9%; in San Jose, they rose 8.8%; and in Raleigh and Charlotte, N.C., prices jumped 8.3% and 8.4% respectively.
Compare that to Detroit and Cleveland. In these metros, prices fell 7.1%. Skies aren’t much sunnier in the West. Median home sale numbers in Sacramento, Las Vegas and Phoenix dropped 6.3%, 3.6% and 2.7%, respectively.
HARDEST HIT
Economists fault the country’s mortgage crisis for these cities’ slumping numbers. Those most exposed to fallout from risky loans failed last quarter to post the price improvements that could rejuvenate their markets. Based on figures from the Mortgage Bankers Association (MBA), the largest share of the country’s risky loans and foreclosures are in California, Florida, Nevada, Arizona, Ohio, Indiana and Michigan. In these markets, appreciation for the most part stayed flat or sank.
STABILITY
Where the money comes from dictates stability. Markets where new development was fueled by flippers and investors are more volatile because such buyers are more likely to take out risky loans and to walk away from a property when the market sours. Looking at the long term in any investment is going to produce better long term results with less volatility. Flippers and Speculators caused prices to become over inflated in many markets. Interest rates and hype also fueled the markets robust numbers, but when flippers, speculators and the hype leave, so do price gains.
WARREN BUFFET TIME!
There are opportunities in every market! If you see prices falling in Sacramento, it does not mean San Jose is in the same boat! Look a what drives pricing and potential long tem gains. Demand is still strong in many markets across the U.S. (North Carolina, Texas, Oregon, New Mexico all have regions posting gains.
WHERE TO INVEST?
Contact the Moxley Team and we will give you information on investing in appreciating markets through our 3rd party contacts who do nothing but study changing and appreciating markets.
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Moxley Team serves Pleasanton Home Buyers and Pleasanton Home Sellers. From Dublin Ranch Condos to Dublin Ranch Luxury Homes the Moxley Team of Alain Pinel in Pleasanton provides Home Buying Tools and Home Selling Tips. MoxleyTeam.com provides info from Pleasanton Home Sales to Dublin Ranch Developments, Dublin Ranch News and Foreclosures in Pleasanton and Short Sales in Dublin Ranch.
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Have you seen any significant fluctuations in the number of Irish interested in purchasing a home in the USA given the current exchange rate trends?
We’ve had multiple interested Buyers contact us from Ireland, as well as other parts of Europe, over the last several months looking to make investments into downtown Boston real estate, due whole, or in part, to the ability for currency to go farther in the States.