Money Magazine just released the top ten fastest growing real estate markets in the nation and Baton Rouge ranks 9th.
10 Fastest-Growing Real Estate Markets by Money Staff 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.
Tuesday, May 13, 2008provided by
1. McAllen, Texas
12-month forecast: 4%
Median home price: $109,000
One 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: $121,000
One 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: $156,000
One 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: $126,000
One 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: $105,000
One 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: $158,000
One 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: $128,000
One 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: $124,000
One 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: $170,000
One 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: $134,000
One year price change: 6.9%
Five year price change: 51.9%
Change in foreclosure rate: 32%
For the full article visit http://money.cnn.com/galleries/2008/moneymag/0805/gallery.resg_gainers.moneymag/index.html
Toni House puts her local knowledge and expertise to work in East Baton Rouge and Ascension Parishes helping people buy and sell homes on a daily basis. www.MaketheHouseCall.com
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Interesting statistics. Thanks for sharing. hopefully these positive numbers start spreading around the US.
Sean Allen
God evening Toni- It is nice to hear that some areas are recovering, I think more areas are recovering then what they are forecasting.
Toni, it is great news. New Orleans is right there as well. We are in need of more news like this.
Great news for you ------ would like to see NJ & Florida in that, however, our daughter lives in Syracuse NY and she says there is definitely NO slowdown in that market!!! We need news like this!
Toni... This is great news. I agree with Sean Allen... I hope it spreads across the country... .like wildfire.
This is impossible! I read the paper and watch the news and they say the world is going to end any day and every house in America is in foreclosure
Hello Toni,
Welcome to Active Rain and congrats on your first post! The opportunities to learn and network are incredible here. Best of luck to ya!
-Keith
Welcome to the Rain, make sure that you browse the site and become familiar with everything this site has to offer. The more you browse the more you will learn. I have found this site to be really helpful to me. If you have any questions, please don't hesitate to email me, I will do whatever I can to help.
http://www.Doreneshirley.com
Toni - Well, don't you have the perfect last name for a Realtor! Welcome to Active Rain and congrats on your first post. Be sure to spend some time looking around at what and how others are blogging here. It is a great education and lots of fun. Looks like you're off to a great start...keep it up!
Welcome to Activerain. Congratulations on your first post. That is a great way to start. Make sure to get around and check out other blogs so you can cut the learning curve!