Recovery....It's happening and it's here. But according to DSNews.com article by Esther Cho, the real estate market is on the road to recovery but it isn't going to be a uniform recovery.
Researchers from nonprofit organizations had predicated that the home prices will rise by 3 to 3.5 percent between 2015 and 2017 nationwide. These predications are based on three vaiables: state-level unemployment rates, the proportion of foreclosure inventory relative to total inventory and the extent of recent price declines.
The study analyzed the different ways the recovery could occur based on location.
"Resilient Walkables" - 15 percent of the population and the first to recover. Home prices weren't affected during the Recession. In fact, these areas are projected to see prices rise by up to 5 percent a year between 2014 and 2017.
Example Cities include:
•Boston
•Philadelphia
•Washington D.C suburbs (partial)
•Denver
"Slow and Steady" - 35 percent of the population and next in line to recover. These area are projected to increase 3 percent in 2014.
Example Cities include:
•Gaithersburg, Maryland
•Charlotte, North Carolina
•Dallas
•Fort Worth
"Damaged but Hopeful" - 30 percent of the population and includes neighborhoods characterized by high foreclosure inventory, a restrictive foreclosure process, and medium to high levels of unemployment. Prices fell at the national average, and recovery is predicted to be slower than the national average.
Example Cities include:
•Chicago
•San Diego
•Stamford, Connecticut
"Weighed Down" - 20 percent of the population. Higher than average price declines, higher than average unemployment, more thinly populated localities. Prices are not projected to reach the national average by 2017.
Example Cities include:
•outer suburbs of Chicago
•smaller suburbs of major metropolitan areas in Florida, such as Tampa and Orlando
•smaller suburbs of Tucson and Phoenix in Arizona
•some cities in Nevada that are not in the Las Vegas or Reno metropolitan areas.
Researchers from nonprofit organizations had predicated that the home prices will rise by 3 to 3.5 percent between 2015 and 2017 nationwide. These predications are based on three vaiables: state-level unemployment rates, the proportion of foreclosure inventory relative to total inventory and the extent of recent price declines.
The study analyzed the different ways the recovery could occur based on location.
"Resilient Walkables" - 15 percent of the population and the first to recover. Home prices weren't affected during the Recession. In fact, these areas are projected to see prices rise by up to 5 percent a year between 2014 and 2017.
Example Cities include:
•Boston
•Philadelphia
•Washington D.C suburbs (partial)
•Denver
"Slow and Steady" - 35 percent of the population and next in line to recover. These area are projected to increase 3 percent in 2014.
Example Cities include:
•Gaithersburg, Maryland
•Charlotte, North Carolina
•Dallas
•Fort Worth
"Damaged but Hopeful" - 30 percent of the population and includes neighborhoods characterized by high foreclosure inventory, a restrictive foreclosure process, and medium to high levels of unemployment. Prices fell at the national average, and recovery is predicted to be slower than the national average.
Example Cities include:
•Chicago
•San Diego
•Stamford, Connecticut
"Weighed Down" - 20 percent of the population. Higher than average price declines, higher than average unemployment, more thinly populated localities. Prices are not projected to reach the national average by 2017.
Example Cities include:
•outer suburbs of Chicago
•smaller suburbs of major metropolitan areas in Florida, such as Tampa and Orlando
•smaller suburbs of Tucson and Phoenix in Arizona
•some cities in Nevada that are not in the Las Vegas or Reno metropolitan areas.
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