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Tuesday, May 15, 2012
Realtor.com Names Top Turnaround Towns - Tampa Bay #10
Seven housing markets hit hardest by foreclosures – all from Florida – are leading the nation towards a general housing recovery, while unexpected new comers in Michigan, Texas, Iowa and California are showing signs of strength and stability, according to the Top Turnaround Town Report released today by Realtor.com, the #1 homes-for-sale site operated by Move, Inc., (NASDAQ: MOVE), the leader in online real estate.
The list of 25 Top Turnaround Towns, developed using year-over-year comparative data from the first quarters of 2012 and 2011, is led by Phoenix-Mesa, AZ, Miami, FL and Orlando, FL – three top foreclosure markets experiencing list price appreciation, along with reductions in inventories and their median age of inventory, all on a year-over-year quarterly basis. Other call out markets include Boise City, ID (4), which has been on the rise steadily since its debut at No. eight in the third quarter of 2011, and Naples, FL, which rose one spot from sixth to fifth in one quarter.
Noteworthy newcomers include Bay Area frontrunners Oakland, CA (6) and San Jose, CA (24), heating up as the nation watches the local hi-tech industry and upcoming Facebook IPO, and the Lone Star State markets of Dallas, TX (12) and Forth Worth-Arlington, TX (18). While Detroit, MI continues its struggle with high unemployment (10.2%), it landed in the 23rd position on the Realtor.com list with a 5.82% increase in list price appreciation, a -29.59% reduction of for sale inventory, and a market that’s moving 27.27% faster, all on a year-over-year quarterly basis.
“We continue to see signs of stabilization and recovery on the local level throughout the country, basing analysis on the real-time nature and accuracy of the Realtor.com data,” said Steve Berkowitz, CEO of Realtor.com operator, Move, Inc. “By all indications, the 2012 housing market is unfolding as we expected, and we’re encouraged with the progress local markets are making. However, much will depend on the continued health of our economy, specifically job rates, and how lenders will release their foreclosure inventories now that the 49 state AG Agreement has been signed. All of these key factors will determine how quickly our local housing markets recover and remain healthy.”
*Among the 15 Best Housing Markets For the Next Five Years, Business Insider
**Made the Top Ten Best Real Estate Markets in 2012, ActiveRain.com
***Cities Where Real Estate is Ripe for a Rebound, Forbes January 2012