New Orleans, Louisiana, which had ranked as the Top appreciating housing market in the Housing Predictor Top 25 Markets Forecast for 2007 has fallen to fourth position, despite healthy projected appreciation for the year.
The housing market in Albuquerque, New Mexico is appreciating at a higher level causing the change in the Top 25 Markets forecast. Eight local Texas markets, including Houston, which was in second position are on the list.
The home market, however, is still experiencing a robust market in New Orleans with a healthy pace of sales in its recovery from the destruction caused by Hurricane Katrina, but the Albuquerque market is moving at a much faster rate of appreciation.
Most of the local housing markets in Texas are appreciating at or near record levels, performing at a pace equal to booming markets throughout much of the nation when interest rates were lower and a national real estate buying frenzy occurred until mortgage rates rose slowing the real estate market place in many states.
Housing Predictor forecasts housing markets in more than 250 local markets in all 50 U.S. states, and regularly updates its forecasts as local market conditions demand.
The Albuquerque market had been showing signs of slowing down in the last quarter of 2006, but pro-active growth initiatives implemented by state and local governments along with low interest rate construction loans attractive to new businesses and tax incentives have bolstered the residential housing market.
Albuquerque is now forecast to appreciate 9.1% on average in the Housing Predictor forecast in 2007 to lead the nation in home appreciation. New housing starts, however, have slowed in Albuquerque like most of the country, providing a stronger resale market than the area had experienced over even the past three years.
The majority, but not all, of the housing markets in the Top 25 Markets Forecast are located in the southern half of the nation, which is experiencing unprecedented growth due to the migration of people moving from colder northern climates.
Bolstered by booming local economies, many Sunbelt states are experiencing widespread growth. The U.S. Census Bureau forecasts that by 2030 only three states, California, Texas and Florida will house nearly half of the U.S. population.
Texas is projected to gain more new residents over the next decade than any other single state in the nation.
Mike Colpitts is the Editor of Housing Predictor. To see the entire list of the updated Top 25 Markets Forecast, check on your local markets future and search real estate listings visit http://www.housingpredictor.com
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