Dec 13, 2008

Real Estate is Local - Markets are Appreciating?

From MSN Money - "Home prices by metro area":

The states with the greatest price appreciation between the third quarters of 2007 and 2008 were North Dakota (4.0%), South Dakota (3.9%), Texas (3.2%), Alabama (2.8%) and Oklahoma (2.8%). The states with the sharpest depreciation for the same period were Nevada (20.9%), California (20.8%), Florida (16.0%), Arizona (13.5%) and Rhode Island (8.0%).

The metro areas with the greatest appreciation over the past year were Austin, Texas (5.6%), Augusta, Ga. (5.5%), and Rapid City, S.D. (5.4%).

Of the 20 cities with the greatest price declines over the last four quarters, all but one -- Las Vegas -- were in California or Florida. The areas with the sharpest depreciation over the year were in California: Merced (42.3%), Stockton (41.4%) and Modesto (36.7%).

Hmmm. When you listen to the news you would think that all markets are as bad as many locales in California, Arizona, Nevada, and Florida. In most instances, you would never be lead to believe that prices have actually appreciated in certain housing markets throughout the country.

Yes, the national economy does impact all markets. Generally speaking, those markets that are appreciating won't appreciate as strongly as they normally would under better economic conditions while those markets depreciating will do so to a greater extent.

Needless to say, through the marvels of our present-day technology, use the endless resources available to us to discover the real truth beyond what you simply hear reported.

A simple message yet how many of you didn't know that some housing markets have been appreciating over the past year?

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