Recent Statistics Point to Real Estate Rebound
Numerous signals have showcased the potential fact that the real estate market is now on the rise. There has been a swing in regional real estate market improvements across the United States along with a 15% rise in housing starts in September, an increase in builder confidence and a surge in mortgage lending applications (people applying for credit to purchase a home).
Housing markets that are showing the greatest amount of strength are located within the Great Plains and include Iowa, Louisiana, Texas, Wyoming, Nebraska and the Dakota’s with Bismarck ND expecting to be the strongest market w/in the United States this coming year. In fact, Bismarck expects to see 5.6% increase in appreciation according to most statisticians.
Alternate markets expected to see the highest gains in appreciation include Washington DC, Honolulu, Fargo, Pittsburgh, Boston and Harrisburg/Carlisle.
Although the majority of real estate markets are not seeing substantial gains in appreciation, the markets contained within the United States won’t see values fall at rates seen w/in the past 3 years. Even though the housing recovery is limited to a hand full of markets, the fact that some areas are seeing appreciation is encouraging for those in alternate real estate markets throughout the country. Some would say that appreciation will begin to trickle down as time progresses.
Nevada, inland areas of California, Oregon and Washington State round of the weakest markets currently within the United States with Bakersfield, California being the weakest due to a high amount of foreclosures in 2011 and projected foreclosures in 2012.