The best and worst housing markets in America right now
Pro Teck evaluates foreclosure sales impact
[Update 1: Includes Pro Teck revised numbers for Jacksonville]
Valuation services provider Pro Teck releases a monthly home value forecast listing the top 10 real estate markets, ranked by the impact of foreclosure sales on localized housing recovery.
It's somewhat of a different approach, to hinge a data call on distressed properties, but nonetheless exceedingly fascinating.
Right now, in America, according to Pro Teck, Long Island, New York, leads the rankings of hottest real estate markets.
"Many factors account for Long Island's strong market, including foreclosures making up an inconsequential 2.18% of sales and available housing inventory at only 3.63 months," said Tom O'Grady, CEO of Pro Teck. "Looking at the extended forecast, we see Long Island reaching peak highs again within five years."
The following top ten lists highlight the best and worst metros in January with regard to a number of leading real estate market indicators, including: sales/listing activity and prices, months of remaining inventory, days on market, sold-to-list price ratio and foreclosure and REO activity, according to Pro Teck.
January's top ten:
Nassau County-Suffolk County, N.Y.
Los Angeles-Long Beach-Glendale, Calif.
Ann Arbor, Mich.
Anaheim-Santa Ana-Irvine, Calif.
Oxnard-Thousand Oaks-Ventura, Calif.
San Diego-Carlsbad, Calif.
San Luis Obispo-Paso Robles-Arroyo Grande, Calif.
Santa Maria-Santa Barbara, Calif.
Houston-The Woodlands-Sugar Land, Texas
O'Grady explains why the worst performer, Jacksonville, Florida, is all the way in the bottom: "Long Island had less than 3% of its sales as foreclosures, Jacksonville is experiencing [43.5%] of its sales as foreclosures. Looking at the five year forecast, Jacksonville's prices are not expected to get anywhere near its 2007 peak. Foreclosures will continue to hamper the market from returning to true market fundamentals for the foreseeable future." Proteck originally placed the Jacksonville number much higher, citing duplication errors in County reporting.
The Northeast Florida Association of Realtors states the Jacksonville number is actually 33%.
January's bottom ten:
Port St. Lucie, Fla.
Cape Coral-Ft. Myers, Fla.
Grand Junction, Colo.
Homosassa Springs, Fla.