10 Best And 10 Worst Housing Markets

Forbes has put together a list of the best and worst housing markets in the U.S. Think every market is dropping? Apparently not. Salt Lake City, you’re doing just fine. So far. Overall, the picture isn’t as rosy:

Home prices fell in more than one-third of US cities last quarter as stricter lending standards caused a 14 percent decline in sales nationwide.

Prices dropped in 54 of 150 metropolitan areas in the third quarter, and the median sales price tumbled 2 percent nationwide, the National Association of Realtors said yesterday.

Oh well.

10 Best Housing Markets:

1. Salt Lake CIty
2. Charlotte, N.C.
3. San Jose, Calif.
4. San Francisco
5. Raleigh, N.C.
6. Austin
7. Pittsburgh
8. Seattle
9. San Antonio
10. Portland, Ore.

10 Worst Housing Markets:

1. Sacramento, Calif.
2. New Orleans
3. Riverside-San Bernardino, Calif.
4. Detroit
5. Las Vegas
6. Tampa, Fla.
7. Miami
8. Cleveland
9. Phoenix
10. Jacksonville, Fla.

Best And Worst U.S. Housing Markets [Forbes]
Home sales, prices decline nationwide [Boston Globe]
(Photo:Getty)

Comments

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  1. dorianh49 says:

    Well, I live in the Riverside-San Bernardino area, and I’ve been priced out of the market for the past few years, so this is kind of a relief to me. I plan on buying in the next 6 – 8 months so, hopefully, prices drop a little bit more in the meantime. And then go back up right after I buy… ;)

  2. BrianH says:

    Los Angeles is on the precipice, about to fall sharply. Reality hasn’t caught up with sellers yet, but inventory is increasing sharply, sales are starting to go negative, and prices have just started to turn down.

    It’s gonna be bloody over the next 24 months. And those of us who are responsible, unfortunately I believe, will be left to pay the price.

  3. Sad to see Tampa on here, but there’s such a glut of housing both new and old on the market here. The good thing about it is I might be able to pick up more property once my home is done with renovations. Can’t go wrong with land!!

  4. itsgene says:

    Every time I look out my window in San Jose at the house across the street — which has been on the market for something like 5 months now — I will remember that San Jose is #3 on the list of best markets. I’d hate to see what it is like up in Sacramento.

  5. bradanomics says:

    Is it bad that I want Raleigh to get worse so I can afford a nicer house?

  6. 3drage says:

    In Sacramento the for sale/foreclosure signs outpaced the people who have RVs parked on the street 3 to 1

  7. SoCalGNX says:

    The San Berdoo-Riverside woes have many causes but tacky tract homes in Perris with even more tacky loans plays a huge part. These tend to drown out the rest of the place which is pretty much not in trouble.

  8. Whoyaa says:

    The Austin housing market may be “best”, but good luck trying to find a decent paying job. With all the students here, employers won’t pay you much. With all that cheap labor available, it seems like the only jobs available are high turnover, like cashiers at Target for $10 an hour (if that), or delivering pizzas. And good luck trying to pay the mortgage on that! Better think twice before packing up and moving here. Dell (or, as the employees call it, “Hell”) is supposed to be letting a whole bunch of people go at the end of the year, too.

  9. JustinAche says:

    I live in Jacksonville, and I’ll kick it off to the reason that we have nothing but condos going up or are sitting empty and up. My dad and I started a “starter home” company (first time home buyer type homes), and there are about 2 other similar companies here in town, and we are doing a lot better than the big condo builders, mainly because they are overpriced and over glorified apartments.

  10. rachaeljean says:

    Yaay for Portland!

  11. BigNutty says:

    I was surprised what happened in the San Berdoo, Riverside area. Being from the L.A. area I always thought that would be the place to buy cheap but my how things have changed over the years.

  12. TangDrinker says:

    It took us 13 months to sell our house in Raleigh in 2003-2004 (and we took at 10K price hit out of our pocket). During that time, our family in Florida and New England couldn’t understand why we had such a hard time when every where else, property values were rising. Now we see the value of our property in Charlotte is rising slowly, and everywhere else is crashing. The market in NC is starting to slow down, but with more people relocating, it will probably pick up again, soon. The Beazer loan scandal will also probably reflect poorly on this area next year. My point is that it’s cheap to live here (cheaper than most places), but don’t expect huge returns on your investment, either.

  13. ceejeemcbeegee is not here says:

    @BrianH: WORD! I meet so many people who are upside down and behind on payments, but would rather go into foreclosure than sell their house for what they owe on the current mortgage. They still think that can sell it for what they paid for it 3 years ago, even tho’ other comparable houses are selling for much, much less.

  14. forgeten says:

    @bradanomics:

    it does seem atleast in my area of raleigh , (cameron village area) that houses are falling. Granted they would have to fall alot more for me to afford them

  15. iamme99 says:

    @RAINMKR: Can’t go wrong with land!!

    You can if it is underwater [lol]. A few more years of global warming and Tampa/St. Pete might just be.

  16. ceejeemcbeegee is not here says:

    How sad for Sacramento, to beat out a city still recovering from a freakin’ Cat 5 hurricane and broken levies .

  17. Charmander says:

    No surprises here, from a Seattleite. The market here is pretty much unchanged; houses are appreciating and people are buying.

  18. K-Bo says:

    @bradanomics: nope, I’m in Cary wishing houses would get cheaper here so I can get one instead of having to live in an apartment or commute from Raleigh.

  19. synergy says:

    Yay San Antonio makes the best list. Now if only we could actually afford to buy a house. The bad is also that all the Californians and Floridians are moving in. :(

  20. scooby2 says:

    House has been on the market since March 2007 in a rural Detroit suburb. Priced at a $25k loss right now and still no bites.

    This housing market really sucks for sellers.:-(

  21. Yay, Detroit is up to #4! (We were #1 worst in another poll a few months ago.)

    It does suck that the lenders, brokers and banks who caused this whole fiasco are “fixing” it by punishing their customers, instead of taking care of the problems in their own industry. Their idea of preventing foreclosures now is to not give a loan to ANYONE with a credit score less than 650 or so, no matter what. (I even know a gentleman with 300K in the bank who can’t get an 80K mortgage because his credit score, which was 710 for two decades, went down to 620 after he retired.)

    And mind you, they aren’t doing SQUAT to help the people being forced into foreclosures by ARMs they never should have been sold and other predatory practices. Most of the time they won’t even negotiate with those people, even if their payment history was perfect before their predatory ARM jumped their payment several hundred dollars a month. (Hell, half the time if you say you’re in Michigan and having problems, they just hang up. Even on your lawyer, sometimes.)

    I wonder when we can finally say we gave them a chance to fix this, and all they did was punish their victims and everyone else in a vain attempt to save their stupid hides. You had your chance. It’s regulation time already!