The nation's economy is still limping along courtesy of the Great Recession and a full recovery of the housing market. Home prices have dropped to pre-boom era levels completely wiping out the substantial gains made during the bubble period. The expectation is a continual decline of home values ranging between 5% to 10% "...before prices reach bottom later this year or early next year," (WSJ). Despite the overall national trend, there have been a handful of real estate markets that bucked the recession trend and local properties in those areas experienced rising home prices.
Research conducted by 24/7 Wall St using the Fiserv Case-Shiller Index for all 384 metro areas in the United States have unearthed a handful of American cities (defined by Metropolitan Statistical Areas [MSA]) that experienced financial gains in housing value. After an analysis of the MSAs and comparing that information with foreclosure data from RealtyTrac.com it was shown that regions with healthy home values had low foreclosure rates and unemployment levels below the 2010 national average of approximately 9.5 percent.
Longview, Texas
Longview, Texas has earned the name of being the balloon capital of the state, courtesy of the annual Great Texas Balloon Race held every July. The city has also gained the honor of being the number one city for home value increases despite the market retractions affecting the rest of the country. Since Q3 2005 to the conclusion of Q3 2010 home values in town have increased a dramatic 25.9 percent. That movement was made possible by the lower than average unemployment rate of 7 percent backed by low local foreclosure statistics. City-Data statistics indicate that the estimated median house or condo value in Longview was $126,200, slightly above the state's average of $125,800 (2009).
Thanks to the booming education, healthcare, and manufacturing industries, industry's in the cities MSA region, Longview has a healthy economy that is growing. That factor is part of the reason for the town's success. It is important to note, that this is not the first time the city has managed to avoid the economic woes that plagued the rest of the nation. Longview was one of the only American cities that was never truly impacted by the effects of the Great Depression thanks to the rich oil fields that surrounded the town. The city was an epi-center for the Black Gold rush in east Texas during the 1930s, and the historic East Texas Oil Field helped Longview thrive both then and now.
Bismarck, North Dakota
The properties in North Dakota's state capital of Bismarck, fared better than the rest of the nation, experiencing a value increase of 19.1 percent during the 2005 Q3 to 2010 Q3 time period. Thanks to the steady work provided by the government (the cities largest employer with over 4,300 local residents on the payroll) Bismarck's unemployment rate of 3.9 percent is a small fraction of the nation's unhealthy average. Bismarck's average home or condo value was $157,755, 26 percent greater than the states average home value of $116,800 (City-Data).
Prior to an influx of European settlers in town, the region now known as Bismarck was home to the Mandan people. The city was officially founded in 1872 and when gold was discovered in the neighboring Black Hills in 1874, the city experienced its first growth spurt and taste of prosperity. The money from the mining industry fed the region, allowed Bismarck to become a freight-shipping center and the choice selection as the state's capital. Those roots provided the platform for the government's role in the region and the current status of the town being the number two spot for housing prices grown in the country.
Williamsport, Pennsylvania
Among the approximately 117,000 residents living in the Williamsport, Pennsylvania MSA ,many of them are quite pleased that their home values grew by 18.4 percent during the 2005 Q3 to 2010 Q3 time period. The industrialized city featuring gas wells and vacuuming manufacturing has helped the region have a moderate 7.2 percent rate of unemployment providing residents with a steady stream of income as well as the ability to pay mortgages on time.
Williamsport was first incorporated as a borough on March 1, 1806 and thanks to the booming lumber industry at the end of that century, the city was once home to the highest concentration of millionaires per-capita in the world. Now, the average household income is $25,101, which is more than enough to handle the mortgage responsibilities associated with estimated median house or condo value of $101,409 (City-Data).
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