Housing Market Appreciation: Your Best Bet is in the West

"The tide is already starting to turn in some U.S. housing markets, with home prices in these 10 metro areas expected to climb anywhere between 10% and 21% by the end of next year, according to Fiserv." CNN Money Online

If you have been reading my blog articles you might have noticed I love lists. Well, here is the latest one and it is a good one! CNN Money, a service of CNN, Fortune and Money, shows statistics for recognizing the TOP TEN places in the U.S. where home prices are rising the fastest and our own Boise is # 7 of the ten noted. The following is their review:

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7. BOISE. IDAHO
Median home price: $118,000

Drop since market peak: 36.9%

Forecast gain through 2013: 11%

Boise's housing market has gone through a dramatic rise and fall over the past decade. Home prices almost doubled in the five years leading up to 2006. But once the bubble burst, prices plunged, according to Fiserv. Some neighborhoods were flooded with foreclosures and the metro area had one of the higher foreclosure rates in the nation in April, according to RealtyTrac. All of those distressed properties should start to attract bargain hunters, including investors, said Steven Peterson, a professor of economics at the University of Idaho.

There are plenty of reasons for buyers to stay here. Boise has a diverse economy that includes software makers, medical services and agricultural support companies like J.R. Simplot. Chip maker Micron Technology is also based in Boise. The unemployment is just a tick above the national rate at 8.2% and has dropped a full percentage point over the past 12 months.

"The road back to housing market recovery is less steep [in Boise] than in high-cost areas," said Peterson.
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Interestingly enough, almost all other markets noted were western and Pacific Northwestern cities:
1. Madera, CA
2. Medford, OR
3. Yuma, AZ
4. Corvallis, OR
5. Eugene, OR
6. Olympia, WA
8. Billings, MT
9. Lewiston, ID
10. Santa Fe, NM (SW)

We are seeing investors entering our buyers market here in Boise- word is out and that will drive the market even more (see my blog about Big Money swaying the market ).

Call me with anything or email me.
Rick Bennett
Your Best Boise Real Estate Pro & AGENT
208-407-0532
www.id-buyrealestate.com