When it comes to real estate prices or housing markets, it’s all about location, location, location. It doesn’t take a brain scientist to understand why housing in the Midwest is not the same as the housing market in Washington, D.C.
Naturally, you can’t choose to live six states away just because there are fewer foreclosures and the housing market appears healthy there. Unless you plan on leaving your job and your kids’ schools, there’s nothing you can do about changing real estate markets. Still, it’s interesting to use the most recent data to stack regions up against each other for signs of strength — and signs of weakness — right now.
After all, a big reason we are in this current economic mess is because housing collapsed. A recovery in the real estate market would be very helpful toward boosting spirits and helping many American families recover some of the net worth they lost as the housing bubble burst.
So what’s hot and what’s not? I looked at the most recent data through June from Clear Capital, a premium provider of real estate data, to slice and dice home price numbers into:
- Best and worst markets quarter-over-quarter.
- Best and worst markets year-over-year.
- Best and worst markets by REO saturation (that is, “Real Estate Owned” or bank-owned property).
- Best and worst markets based on Clear Capital’s full-year 2012 forecast.
Here’s how the 50 biggest housing markets in the U.S. shook out based on prices.