With sustained home price recovery under way, most major metros nationwide are seeing improvements. But not all recovery is equal, according to the findings this week of a real estate valuations firm that highlights the impact of foreclosure sales on market recovery.
Certain areas in New York, California, Michigan, Texas and North Carolina fared best in January’s home value forecast rankings compiled by Pro Teck Valuation Services, with Long Island, New York representing the “hottest” market while accounting for the impact of foreclosure sales.
“Long Island leads Home Value Forecast’s ranking as the hottest real estate market in the nation in our January Home Value Forecast,” said Tom O’Grady, CEO of Pro Teck Valuation Services. “Many factors account for Long Island’s strong market, including foreclosures making up an inconsequential 2.18 percent of sales and available housing inventory at only 3.63 month. Looking at the extended forecast, we see Long Island reaching peak highs again within five years.”
Of the 10 markets that fared worst, four were located in Florida with Montgomery, Alabama seeing the largest negative impact of foreclosure sales. Areas hardest hit included Montgomery, AL; Port St. Lucie, FL; Cape Coral-Ft. Myers, FL; Elkhart-Goshen, IN; Grand Junction, CO; Jacksonville, NC; Mobile, AL; Saginaw, MI; Homosassa Springs, FL; and Jacksonville, FL.
Written by Elizabeth Ecker