According to a new report from Trulia nearly 30 cities have been designated ain the cleara and should be recovering from the Great Housing Bust.
Low foreclosure rates and an increase in asking prices of at least 4% were qualifiers to be considered in the clear. Or as Trulias chief economist Jed Kolko said, asolid base for housing recoverya.
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Kolko continued,
aWe defined (ain the cleara) as metros with positive year-on-year asking-price growth and a low or moderate share of homes in foreclosure. In all, that includes 29 metros,a Kolko added, abut we didnat list them all out because some have only very slightly price growth. Best to focus on those six.a
The big six ain the clear markets avoided the worst of the bubble,a Kolko said. Amid the mortgage crisis, athose metros didnat have big price declines that we saw in Miami, Phoenix and Detroit a places that still have a lot of homes left in foreclosures.a
Some ain the cleara cities also are enjoying robust, new-home construction, Kolko added. aBut the main driver in those markets is job growth.a
The critical element for a true long term housing recovery comes down to one thing: Jobs. The housing market will not fully recover until the unemployment rate reverses direction and folks feel confident enough to commit to a home purchase.
At the top of Trulias list:
San Jose
Pittsburgh
Denver, 7.2 percent asking-price increase year-over-year in June.
Miami (up 16.1 percent in asking price during June year-over-year)
Phoenix (up 18.9 percent)
Orlando
West Palm Beach
Cape Coral, Fla.
Fort Myers, Fla.
Warren-Troy-Farmington Hills, Mich
This next bit is critical for agents to understand: Kolko warned that price gains could reverse as foreclosed homes in those areas come onto the market.
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Worth stating again, JOBS and EMPLOYMENT = Housing Recovery.
aThat means (those markets) are not just dependent on investors,a Kolko said. aPeople are moving there for jobs. Developers are betting on the future by resuming construction.a
Agents, what are you seeing in YOUR marketa¦is YOUR marketa¦aIn The Cleara?
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