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Best Real Estate Markets
Forecast issued for areas with most expected appreciation and depreciation
Jan. 5, 2012
By SAM GARCIA Mortgage Daily
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While many areas of the country continue to suffer from falling home prices, some real estate markets are forecasted to see appreciation this year.
During the 12 months ended Dec. 31, 2012, home values are expected to increase more than 3 percent in the strongest U.S. markets.
But struggling markets can expect to see as much as 6 percent depreciation this year.
That assessment came Thursday from Veros Real Estate Solutions.
"The national housing recovery will continue to be gradual and slow without any significant changes in markets," the report stated.
The most optimistic projection was made for Fargo, N.D., where home prices are expected to appreciate 3.5 percent during 2012. Bismarck, N.D., was close behind with a projection of 3.3 percent appreciation. Both markets have low unemployment and a growing population as a result of strong demand for oil and agriculture.
The Washington, D.C., area -- including Virginia and Maryland -- is expected to see 2.9 percent appreciation this year. Veros credited a strong base of government jobs and low housing supply for the optimistic outlook.
Next was Honolulu, where home prices are expected to increase 2.8 percent, then Anchorage, Alaska, with 2.1 percent in projected appreciation.
On the other end of the scale was Bakersfield, Calif., which is expected to see 6.8 percent in depreciation this year.
Other markets forecasted to experience more than 5 percent in price declines during 2012 are Reno-Sparks, Nev.; Las Vegas-Paradise; Sacramento-Arden-Arcade-Roseville, Calif.; and Fresno, Calif. |
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