Top 25 Market Forecast Shows Real Estate Stabilizing
The Top 25 Housing Predictor U.S. Market Forecast for 2007 shows a growing trend of local real estate markets that are stabilizing with thirteen states represented in the annual forecast. Housing Predictor is an information driven website, providing independent local housing market forecasts for all 50 U.S. States.
Battling back from the headlines New Orleans, Louisiana is Housing Predictor’s # 1 pick to appreciate the most in 2007. Despite the loss of nearly half of its residents, the Big Easy has a booming real estate market that is growing almost daily and is forecast to appreciate 8.4% in 2007.
The fixer-upper has become the new major commodity in New Orleans real estate as investors move into the market to repair homes and apartments damaged in the wake of Hurricane Katrina more than at any other time in a natural disaster in the U.S. More than 150,000 homes were damaged or destroyed by Katrina, which hit in August of 2005.
The spirt of the people in New Orleans is becoming less tarnished in the aftermath of the storm. New Orleans has always had a spirit of revelry and showmanship, especially during Mardi Gras. It may have also been given a boost in the form of the New Orleans Saints NFL football team, which has had its best season in years.
Houston, Texas, a city which has been besieged by scandals with Enron and other companies is transforming into a strong real estate market for the first time in more than a decade. Houston is forecast by Housing Predictor to appreciate 7.3% in 2007 to place second in the forecast.
The nation’s southern states are under going the largest growth in history as a migration from colder northern states to the sun-belt quietly reaches near fever pitch. Arkansas, Alabama, Texas and Tennessee are adding more new residents than ever before. Little Rock, which was once a slumbering community has more new businesses moving into the area than ever and will hit 7.0% in home appreciation in 2007, according to Housing Predictor.
Nashville, Tennessee, recognized as the Music City is playing on its own good fortunes as a growing metropolitan area, which along with Odessa, Texas has some of the most affordable housing in the nation and will both hit 6.9% in appreciation by year’s end.
The Top 25 markets represent slightly more than a quarter of the nation’s states. All 13 states have local real estate markets that are appreciating strongly.
In the west, Washington state and Utah have real estate markets that are showing appreciation, which demonstrates how real estate unlike other investments is effected by local regional market economic and political factors.
In Albuquerque, New Mexico the sales of homes and condos had slowed for a few months only to pick back up again as more and more new employers moved to the area. Albuquerque is a growing urban center, which is forecast to appreciate another 6.5% in 2007.
But of all the places that made the annual Top 25 markets list Brownsville and Austin, Texas are two of the strongest U.S. real estate markets. Just a few short years ago after a high tech boom went bust Austin lost population, but a renewed economy and more computer companies moving into the area have pushed the city into a booming economy again and it will score a forecasted 6.1% in appreciation in 2007. Brownsville, which is in seventh place on the list is perhaps the best place to find the least expensive housing in an urban center in the U.S.