Real Estate Rebound Gaining Ground in Select Cities

Bay City, Michigan, which has seen seven consecutive months of rising home prices, is one of 25 metro areas seeing a rebound in their real estate market despite a slow economic recovery, Morgan Brennan reports for Forbes.

Florida has been one of the hardest states hit from the real estate bust, yet it has contributed six cities that have going against the downward market trend.

"Take Fort Myers. The Sunshine State's retirement haven, where home prices tumbled 58.6% from their 2006 peak, had a 2.9% appreciation rate in the first quarter and a 3.7% rate during the second. Those numbers have been steadily inching back up since November of 2010, following the home price dip felt throughout the U.S. (including in many of the cities that grace this list) after the First-Time Home Buyer tax credits expired. In spite of that dip, homes in Fort Myers have appreciated 3.8% from June of 2010 to June of 2011."

In Bay City, "(Renee Harvey, a Saginaw, Mich.-based real estate broker with Keller Williams) chalks up the slight uptick to the local presence of corporate giants like Dow Chemical Company and the fact that lenders and Realtors in the area have been more effectively mitigating distressed properties: 'We are selling more traditional properties and much fewer distressed properties.'"

A slideshow showing the 25 rebounding metro areas is attached to the original article on the Forbes website.

Full Story: America's Recession-Resistant Cities For Real Estate

Comments

Book cover of the Guide to Graduate Planning Programs 4th Edition

Thinking about Grad School?

New! 4th Edition of the Planetizen Guide to Graduate Urban Planning Programs just released.
Starting at $24.95

Prepare for the AICP Exam

Join the thousands of students who have utilized the Planetizen AICP* Exam Preparation Class to prepare for the American Planning Association's AICP* exam.
Starting at $209
DVD Cover of The Story of Sprawl

The Story of Sprawl

See how America changed shape in this collection of historic films that visually document how sprawl evolved.
$29.99 for 2-DVD SET
Book cover of Insider's Guide to Careers in Urban Planning

So you want to be a planner...

Check out our behind the scenes look at 25 careers in the Urban Planning field
Starting at $14.95