Metropolitan areas in Michigan and Ohio topped Housing Predictor’s list of the top housing markets for 2010. Detroit, Cleveland and Cincinnati were among the hardest hit real estate markets in the US, and are now expected to see double-digit gains as prices rebound from market lows. See the following article from Housing Predictor for more on this.
The Great Lakes region is leading the U.S. out of the housing downturn as lower home prices trigger an increase in buyers with government incentives. The shake-up in Housing Predictor’s best 25 housing markets for 2010 leaps Detroit, Michigan one of the worst impacted markets in the nation to the #1 position. Detroit is now forecast to experience double-digit appreciation in home prices for the year.
Hard hit Cleveland, Ohio has seen more than its share of foreclosures, but as bankers reduce inventories of foreclosed properties and slash prices in order to sell them more quickly it’s resulting in the average value of a home going upward.
The surge in housing appreciation in Cleveland is forecast to sustain through the year, despite government controls that are slowly and strategically being pulled out of the housing market. Cleveland has slipped to #2.
Cincinnati home sales are improving with lower prices and historically low mortgage rates, which are projected to drive the market to a stronger year in terms of appreciation to take the third position on the best forecast list.
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Another Ohio market, Columbus trails in the fourth slot followed by Lafayette, Louisiana experiencing a recovery in its market as a result of a growing job base. Toledo, which was in the top five falls from the top 25 as a result of growing indicators that show the market is weaker than first expected.
The Best 25 markets for 2010 are taken from housing markets forecast by Housing Predictor in all 50 states and are updated as conditions demand over the course of the entire year.
Best 25 Housing Markets 2010 Update
|Rank||Real Estate Market||Forecast|
|5.||Grand Rapids, MI||8.4%|
|8.||Des Moines, IA||5.7%|
|9.||Baton Rouge, LA||5.5%|
|16.||Iowa City, IA||3.1%|
|19.||Rapid City, SD||2.8%|
|21.||Sioux Falls, SD||2.7%|
This article has been republished from Housing Predictor. You can also view this article at Housing Predictor, a real estate analysis and forecasting site.