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Top three states with the strongest Housing Markets.
September 8th, 2014 6:23 PM
BY DOUGLAS A. MCINTYRE 1. Arizona 1 yr. home price change: +16.6 percent Median home price: $248,229 Unemployment rate: 8.3 percent (18th highest) The Arizona real estate market was damaged as badly as any other when the home market collapsed, perhaps with the exception of Nevada. And the pain is not near the end yet, despite ranking first in home price improvement from July 2011 to July 2012. Arizona home prices fell 49.9 percent from the first quarter 2007 to the first quarter 2012. The state continues to have the second-highest foreclosure rate in the country, according to RealtyTrac, with one in every 346 housing units with a foreclosure filing in July. That troubling trend may be why the Arizona’s housing market recovery is expected to be extremely weak, over the shorter and longer term. Home prices are expected to rise only 1.4 percent from the first quarter of 2013 to the first quarter of 2014, which puts Arizona 48th among all states. Over the period from the first quarter of this year to the first quarter of 2017, the improvement is expected to be 2.5 percent per annum -- 39th among all states. 2. Idaho 1 yr. home price change: +10 percent Median home price: $85,000 Unemployment rate: 7.5 percent (25th lowest) Idaho is one of only seven states with a median home price below $100,000. Unlike Montana, North Dakota and South Dakota to the east of it, Idaho did suffer from an unemployment problem. At 7.5 percent, the jobless rate is not terribly better than the national average. This may have contributed to the drop in Idaho home prices, which fell 29.6 percent from the first quarter of 2007 to the first quarter of this year. The home price recovery is expected to be stronger than almost any other state, a continuation of the 10 percent improvement over the past year. For the period from the first quarter 2013 to the first quarter 2014, home prices are expected to rise 8.8 percent -- the highest in the nation. For the five-year period that began in the first quarter of this year, the per annum improvement is expected to be 4.8 percent, which rates Idaho eighth by that measurement. 24/7 Wall St.: America's oldest brands 3. Utah 1 yr. home price change: +9.3 percent Median home price: $129,000 Unemployment rate: 6.0 percent (11th lowest) The damage to the Utah housing market during 2007 to 2011 was worse than most states -- home prices fell 21.6 percent over that period. That rate Utah 34th among all states based on that measurement. The recovery of the market is predicted to be particularly strong for the next several years, nearly as strong as the 9.3 percent jump in median home price from July 2011 to July 2012. Corelogic expects home prices to rise 5.8 percent from the first quarter of 2013 to the first quarter of 2014, which ranks it 10th among all states on that metric. Over the five years through the first quarter 2017, on a per annum basis, the improvement is forecast to be 3.9 percent, which ranks its 15th among states. Number three is not bad! Source-NBCNEWS.com

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Posted by Adam Coccimiglio on September 8th, 2014 6:23 PMPost a Comment

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