The mid-year update of the top 25 U.S. housing markets by Housing Predictor shows a
growing trend of real estate markets Armando Montelongo that are appreciating rapidly, while many of the nation's 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 its 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, Seattle's ranking moved up the list.
New Orleans, Louisiana, has been hard hit not only by the fallout from unprecedented damage and destruction from the nation's 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 Northwest have been added to the top 25 markets for their rapid growth and healthy local economies. New York, New York also made the top 25.
The south-east portion of the nation, however, still continues to control the majority of spots on 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 performing strongly and are holding their high ranking positions in the top 25, despite higher levels of foreclosures in some markets than in many years. 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.
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