ousing prices will fall an hardest hit single state in
average of 4.2% nationally falling home values in the
in 2007, the largest drop nation. Housing Predictor
in U.S home prices since 1991, forecasts that San Diego will
but despite that many local real drop more than 13% on average in
estate markets in the U.S. will 2007 to lead the state in
still appreciate, according to depreciation.
Housing Predictor, which
forecasts real estate markets in The Los Angeles metropolitan area
all 50 US States. and surrounding suburbs will fall
more than an average of 11%.
After nearly five years of record However, Miami, Florida is
housing appreciation in many forecast to be ground zero in the
markets throughout the country, nation’s falling real estate
only seven states still have values in 2007, according to
markets that are strongly Housing Predictor’s forecasts.
appreciating. Alabama, Louisiana,
Mississippi, South Carolina and The Miami market has seen
Texas still have very active real sky-rocking appreciation the last
estate markets continuing their three years with many investors
upward trend in the south. flocking to the area to buy
preconstruction condos. The
In the west Washington State and condominium market exploded with
Utah are experiencing massive new investors, many of whom are
growth. Spokane, Washington, east now cancelling transactions
of the Cascade Mountain Range before the units are even
hasn’t seen a booming real estate completed.
market like this in 15 years.
The over abundance of units has
However, California is the brought the Miami market to a
shadow of its once booming cycle Seventeen interest rate hikes by
and now has an over supply of the U.S. Federal Reserve Board
units to sell. As a result Miami and an over supply of new homes
is forecast to drop 13.6% in in many of the nation’s cities
2007. slowed most of the country’s real
estate markets.
Texas, however, may be the new
boom market in the U.S. After In Louisiana the market is under
seeing prices fall on the heels going unprecedented times,
of business scandals and the battling back from the disaster
resulting loss of many jobs, and left in the wake of Hurricane
foreclosures, the Houston real Katrina, which hit New Orleans in
estate market is on the road to August of 2005.
recovery and will appreciate
strongly in 2007, according to a More than 150,000 homes were
report on the site. Texas is damaged or destroyed by the
under going the largest growth in hurricane. Blocks of homes have
its history and is forecast by been bull dozed to the ground and
the U.S. Census Bureau to be one others are awaiting major
of only three states to have repairs. The fixer-upper has
nearly 50% of the nation’s become a common commodity for
population by 2030. investors in the New Orleans
market, hoping to make repairs
Austin, San Antonio and El Paso, and sell the homes at higher
which is in western Texas are prices to new owners.
also experiencing upward spirals
in home appreciation as more and North of New Orleans a handful of
more people migrate to warmer sun communities are gaining new
belt climates. residents from the Big Easy, all
of whom need housing. The exodus
from New Orleans has produced experiencing growing local real
growth in northern Louisiana, estate markets.
Mississippi and Alabama. All are
About the Author:
Mike Colpitts is the Editor of Housing Predictor, an information driven website, which provides local real estate market forecasts for all 50 U.S. States. Check on your market at http://www.housingpredictor.com
Read more articles by:
Mike Colpitts
Article Source: www.iSnare.com 
