After many months of home prices dropping to lows that effectively destroyed the housing market, a recent report from Money Magazine shows that homes in more than 25 cities are actually appreciating in value. However, according to the report, many cities around the country still show depreciation in home values, which means the housing market is not completely in the clear.
Cities Show Home Appreciation
For some cities around the country, homes are actually shooting up in value for the first time in nearly two years. If you’re interested in knowing what cities are appreciating, here are the top 10 cities from Money Magazine’s list:
- Santa Rosa, CA – 6.0 percent
- Cheyenne, WY – 4.7 percent
- Kennewick, WA – 4.6 percent
- Merced, CA – 4.4 percent
- Bremerton, WA – 4.2 percent
- Fairbanks, AK – 4.2 percent
- Corvallis, OR – 4.1 percent
- Tacoma, WA – 3.9 percent
- Anchorage, AK – 3.8 percent
- Bend, OR – 3.3 percent
For homeowners, this is great news as they try to sell their homes and avoid foreclosure or conduct short sales. However, it’s not so great for homebuyers because this means prices are going up. Good thing mortgage rates are still low.
Homes with Greatest Depreciation
While some homes are appreciating in value, showing that the housing market may be slowly but surely recovering, some cities still show major depreciation in value. According to the report, the following 10 cities are projected to show the greatest depreciation in 2010:
- Hanford, CA – 25.9 percent
- Miami, FL – 22.5 percent
- Fort Lauderdale, FL – 21.3 percent
- West Palm Beach, FL – 18.5 percent
- Phoenix, AZ – 18.5 percent
- Las Vegas, NV – 15.4 percent
- Tampa, FL – 13.8 percent
- Pensacola, FL – 13.6 percent
- Gainesville, FL – 13.4 percent
- Suffolk, NY – 13.4 percent
If you live in one of the cities that projects increases in home values in 2010, now is the time to take advantage of still reasonable mortgage rates, as well as the home buyer tax credit before the first stage of the process expires at the end of April 2010. And if you’re a homebuyer, maybe you’ll finally be able to sell your home at a reasonable rate.
[...] class families would suddenly owe $5,000 or more per year in additional taxes. The housing market, already reeling, would fall farther. As these hard-hit families have less to spend elsewhere, the economy would [...]
[...] class families would suddenly owe $5,000 or more per year in additional taxes. The housing market, already reeling, would fall farther. As these hard-hit families have less to spend elsewhere, the economy would [...]