Where are U.S. Home Prices Likely to Rise?
www.RickStrohm.com
Remember a time when the value of your house always went up? There are some bright spots across the country where sellers may soon begin to feel some relief.
Believe it or not, in the future, people will be buying and selling homes. Some of them will even make a profit.
The top 5 American cities where home prices are likely to rise
1. Albuquerque, N.M.
2. Charlotte, N.C.
3. San Antonio
4. Portland, Ore.
5. Austin, Texas
Recovery in obvious places
At this point, it's clear the subprime contagion won't be contained in the next year, based on the acceleration of home price drops and foreclosures nationwide. But when the bad vintages of loans finally come off the books, the cities where prices are expected to rebound are largely those with vibrant economies.
This means that recovery is likely in the cards for even the hardest-hit spots. Cities such as Atlanta and Colorado Springs, Colo., may be reeling from high defaults and foreclosures, but from 2007 through 2012 their economies are expected to experience 2% and 1.6% average annual job growth. That means more in-migration and more money in the economy, factors that help businesses grow and profit -- and put more money in residents' pockets.
This is great news for the Western North Carolina region, where we have not experienced a "drop" in the housing market. Again, Rick & Rick have been saying (and publishing for months) that the Western North Carolina real estate market has not been in a "crisis"...in fact, while the whole "crisis" has been going on...the home prices in the area have stayed stable or increased! It is just glad to FINALLY see that the national media is agreeing with us...
Source: Forbes.com