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10 Fastest-Growing Real Estate Markets
Yes, even amid the housing crisis, parts of the U.S. are still expected to post price gains in the coming year, according to Money Magazine. Here's where to look.
The housing implosion is nowhere near over. In 75 of the 100 top U.S. cities, prices are expected to fall in the next 12 months according to Fiserv Lending Solutions.
The S&P Case/Shiller Home Price Index, which tracks 20 of the largest housing markets, showed prices plummeting by 12.7% in the 12 months ending February. That's the biggest fall since the index began tracking prices in 2000.
Meanwhile, foreclosure filings more than doubled in the first three months of 2008, spiking 112%. So far this year 156,463 families have lost their homes to repossessions. Many markets won't hit bottom till late 2009 or even 2010.
Pity the residents of Stockton, Calif., whose homes are likely to lose more than half of their 2006 value. But if you happen to live in Texas -- or any of the other cities below -- congratulations:
The housing tornado passed you by.
1. McAllen, Texas
12-month forecast: 4%Median home price: $109,000One year price change: 2.1%Five year price change: 23.3%Change in foreclosure rate: 23%
2. Rochester, N.Y.
12-month forecast: 2.7%Median home price: $121,000One year price change: 3.4%Five year price change: 20.1%Change in foreclosure rate: 5%
3. Birmingham, Alabama
12-month forecast: 2.7%Median home price: $156,000One year price change: 2.9%Five year price change: 29.4%Change in foreclosure rate: 20%
4. Syracuse, N.Y.
12-month forecast: 2.6%Median home price: $126,000One year price change: 0.8%Five year price change: 29.5%Change in foreclosure rate: 27%
5. Buffalo/Niagara Falls, N.Y.
12-month forecast: 2.4%Median home price: $105,000One year price change: 1.6%Five year price change: 24.5%Change in foreclosure rate: 14%
6. New Orleans, La.
12-month forecast: 2.2%Median home price: $158,000One year price change: 1%Five year price change: 43.7%Change in foreclosure rate: 49%
7. Scranton, P.A.
12-month forecast: 2.2%Median home price: $128,000One year price change: 7.2%Five year price change: 41.1%Change in foreclosure rate: 8%
8. Grand Rapids, Mich.
12-month forecast: 1.9%Median home price: $124,000One year price change: -3%Five year price change: 8.3%Change in foreclosure rate: 37%
9. Baton Rouge, La.
12-month forecast: 1.9%Median home price: $170,000One year price change: 5.7%Five year price change: 38.3%Change in foreclosure rate: 14%
10. El Paso, Texas
12-month forecast: 1.8%Median home price: $134,000One year price change: 6.9%Five year price change: 51.9%Change in foreclosure rate: 32%
By: Money Staff
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