Read an article on the real estate market lately and you will find little more than tales of gloom and doom. Recession impact, the falling dollar, real estate bubbles bursting the hot markets – the combination of all these factors are the culmination of real estate gurus warning of an inflated real estate market for years now. These fears and vocal warnings have impaired the real estate market, stifling housing sales and highlighting foreclosure problems for banks in communities nationwide.
However, despite the bad tales of the real estate market that abound in the news, there are plenty of areas that are growing, improving and seeing positive changes in their housing sector. Although much of the nation will be either stagnant or continuing to show a decline, these regions are growing, boosted by local economic factors that are shielding the community from a housing bubble catastrophe and giving local investors in these areas something to smile about.
Take McAllen, Texas for example. With a 12 month forecast of 4 percent increase, this area of the country is sitting on strong real estate possibilities. The five year price change for McAllen has been a steady 23.3 percent, giving this region a slow but steady outlook on their housing market. This Texas region might see the strongest positive return for their housing market, but there are other states that will have multiple cities with positive growth predicted in the next 12 months.
Rochester, New York is already a popular place for families, but with real estate prices seeing a strong 2.7 percent increase in the next year, Rochester is looking even more financially fantastic. With a 20.1 percent rate of increase over the last five years and an admirable 5 percent change in the foreclosure rate, Rochesters real estate market is looking ideal to many investors and families alike. New York in general seems to be avoiding the real estate crunch as cities like Buffalo and Syracuse are also predicted to see steady 2.4 percent and 2.6 percent increases respectfully in the area.
New Orleans has been predicted to make a strong step forward this year with a 2.2 percent increase in the real estate market. With a 49 percent rate of foreclosure change, it seems this personable city has found its feet after hardship and will start its inevitable climb to being an enviable place to own a home again. Nearby Baton Rouge has also enjoyed a 1.9 percent housing increase predicted. Combined with their lower 14 percent rate of foreclosure change, Baton Rouge and New Orleans combine to make Louisiana a preferred housing market.
With 75 of the top 100 U.S. cities expected to see falling real estate prices in the next year, these housing areas are anomalies. With record foreclosure numbers and plummeting prices, the fastest growing real estate markets are nothing to sneeze at. Many real estate experts are predicting the full impact of the real estate bubble burst will not be finished until 2010. Areas like California and Nevada are clinging to their homes, but if you happen to live in McAllen, Texas and other hot markets, rejoice. Your homes are steady throughout the real estate crisis.
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