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Cities where housing set to rebound?
02-09-2010, 10:29 AM
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#1
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Thinks s/he gets paid by the post
Join Date: Mar 2007
Posts: 3,323
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Cities where housing set to rebound?
I found this US News article recently and have been mulling it over. Since I haven't been in hardly any of these cities (except Chicago where I lived a long time), does anyone have any opinion about the cities on this list? Or should other cities have been added?
10 Hard-Hit Housing Markets That Are Ready to Rebound - US News and World Report
Warren, Michigan, really threw me and I even had to look it up. There must be tons of other cities...and I surely wonder where the rebound in housing will be at this time...hmmmm....
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02-09-2010, 10:51 AM
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#2
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Thinks s/he gets paid by the post
Join Date: Apr 2007
Location: west bloomfield MI
Posts: 2,223
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Quote:
I have lived by or worked by Lansing and Warren. Have not been to MI in about 3 years though... Lansing is state capital and had several automotive companies in close proximity, plus Michigan State. Warren is a Detroit suburb, but not sure exactly where, even though I know I've been there.
I have consulted in the Boston area- so I know where Boston and Worcester are, just don't know the RE in each area. I know there are plenty of health care companies/ manufactures in the area though.
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02-09-2010, 11:31 AM
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#3
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Thinks s/he gets paid by the post
Join Date: Mar 2007
Posts: 3,323
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I'm really curious if this is a real list or just more throw-together junk like so many lists are lately...
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Please consider adopting a rescue animal. So very many need a furr-ever home and someone to love them! And if we all spay/neuter our pets there won't be an overpopulation to put to death.
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02-09-2010, 11:57 AM
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#4
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Thinks s/he gets paid by the post
Join Date: Apr 2007
Location: west bloomfield MI
Posts: 2,223
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I am sure person had numbers to project growth rates. Either based on employment shifts, retirees moving to area, housing starts or something.
Rebound implies a "drop" was needed, so what many of these areas have in common is they were hit hard by bubble and are starting to reverse that trend already is my guess.
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Light travels faster than sound. That is why some people appear bright until you hear them speak. One person's stupidity is another person's job security.
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02-13-2010, 08:46 PM
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#5
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Thinks s/he gets paid by the post
Join Date: May 2006
Location: Orlando
Posts: 2,636
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Seems like someone has one heck of a crystal ball to make those projections that far out.
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02-14-2010, 02:43 AM
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#6
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Recycles dryer sheets
Join Date: Oct 2009
Location: Los Angeles
Posts: 50
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CNN had a list recently which seems would be a bit more accurate as it had the city in which I have, and continue to buy investment homes on the list.
Vero Beach, FL was listed as one of the hardest hit cities and making a come back.
Get this... back in 07, my father purchased this house for $175K, sold it for $220K a few weeks later.
I bought the EXACT SAME house for $80K a few weeks ago, and its now appraised at $105K.
I have offers on 4 more houses in the area (different style from the $80K one), at $55K and $65K with rents approximately at $900/month in the current economy. Once market picks back up, these will be renting around $1200 again.
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02-14-2010, 06:47 AM
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#7
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Thinks s/he gets paid by the post
Join Date: Mar 2007
Posts: 3,323
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Couple years ago before the crash Vero Beach was listed as an up-and-comer. Panama City was, also, but haven't heard much about there so far the last year or so.
I did a little homework and came up with this link. Is this what you were referring to?
http://money.cnn.com/2010/01/27/real...d_metro_areas/
__________________
Please consider adopting a rescue animal. So very many need a furr-ever home and someone to love them! And if we all spay/neuter our pets there won't be an overpopulation to put to death.
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02-14-2010, 07:46 AM
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#8
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Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Mar 2007
Posts: 14,328
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Ironically, Warren is where GM's technical and engineering center is.
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02-14-2010, 09:22 AM
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#9
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Thinks s/he gets paid by the post
Join Date: Oct 2004
Location: Portland
Posts: 2,038
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My brother and I inherited 40 acres on a trout stream in mid Michigan. My brother doesn't want the property and I'm thinking of buying his share to hang on to. Part of my reasoning is emotional as my Dad bought the property in the early '40's; and we are going to spread my parents ashes there. But part is that I hate to sell it in this market.
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02-14-2010, 12:54 PM
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#10
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Recycles dryer sheets
Join Date: Oct 2009
Location: Los Angeles
Posts: 50
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Unless you need the money desperately (and even then...) I wouldn't sell your dad's property.
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02-14-2010, 02:28 PM
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#11
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Thinks s/he gets paid by the post
Join Date: Dec 2007
Posts: 4,764
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Quote:
Originally Posted by Helen
My brother and I inherited 40 acres on a trout stream in mid Michigan. My brother doesn't want the property and I'm thinking of buying his share to hang on to. Part of my reasoning is emotional as my Dad bought the property in the early '40's; and we are going to spread my parents ashes there. But part is that I hate to sell it in this market.
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If you can afford it. Buy it and hang on. If you want the money to increase your standard of living go for it also.
If you are looking for what is the best answer.
I cant help you.
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02-14-2010, 05:57 PM
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#12
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Full time employment: Posting here.
Join Date: May 2008
Location: Lexington
Posts: 714
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I would be vary wary of such projections, current unemployment rates is a key factor in how well an area will do in the near future, and unemployment is near 20% in Warren, MI, and happens to be in MI, where the unemployment rate is 14% overall (which most people know is the worst hit stay for unemployment by a long shot). Areas with very high unemployment don't just bounce back, a number of long term problems develop that take a long time to correct.
I am not sure what factors they used, but I hope it included current unemployment rates as part of the criteria. Also, the real estate market in that area may be reflecting those numbers (a huge price drop), but regardless, I would be careful.
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02-18-2010, 03:20 PM
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#13
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Confused about dryer sheets
Join Date: Feb 2010
Location: Ridgefield
Posts: 7
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Look to the Left of your list in the original article...Related News....it has positive lists which I have looked at, Las Vegas NV but high crime rate due to unemployment, and Naples FL have decreaed very much in Price......
also, use www.city-data.com/ then the state and city like this .... www.city-data.com/Ca/san_Franciso.....to get lots of information on each city in the USA.
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