In January, Clear Capital Home Data Index (HDI) released its real estate market report in which Columbus is identified, among 10 cities in the nation, poised to see an increase in home values during 2011, reports MSNBC.com.
Alex Villacorta, a senior statistician at Clear Capital says, “overall, we’re seeing prices start to stabilize going into 2011, but unfortunately, some of those markets will stabilize in downward directions where others will see a sustained recovery.”
MSNBC.com reports that there are around 15 metropolitan cities with strong indications of showing a rebound in property values. “For example, in California where Clear Capital reports 2010 price gains in six out of the 15 major cities: Riverside, San Diego, Los Angeles, San Jose, San Francisco and Fresno.”
According to the HDI report, 70 percent of the United State’s major markets dropped in value in 2010 and the 2011 forecast includes a further decline in home prices.
The Home Data Index report features an analysis of the 50 largest U.S. real estate markets, which are categorized in regards to population size of Metropolitan Statistical Area. Using the most recent data available from 2010, “35 out of 50 are expected to further depreciate this year, pulling the average national values down another 3.6 percent by this time next year,” reports MSNBC.com
The upside for Columbus is it sits among the cities identified to experience a “sustained recovery.”
Below is a list of the top 10 cities that Clear Capital expects will rise in property value in 2011, followed by a list of the 10 expected to decline the most.
10 Markets on the rise in 2011 (year over year):
1. Washington, D.C.: 6.5. percent prices increase
2. Houston, TX: 3.6 percent price increase
3. Honolulu, HI: 3.4 percent price increase
4. Memphis, TN: 3.2 percent price increase
5. Columbus, OH: 2.1 percent price increase
6. Dallas, TX: 1.4 percent price increase
7. New York, NY: 1.3 percent price increase
8. Birmingham, AL: 0.9 percent price increase
9. Pittsburgh, PA: 0.8 percent price increase
10. New Orleans, LA: 0.5 percent price increase
10 Markets That Will Fall The Most In 2011 (year over year):
1. Virginia Beach, VA: 12.8 percent price decrease
2. New Haven, CT: 11.9 percent price decrease
3. Tucson, AZ: 11.9 percent price decrease
4. Dayton, OH: 11.7 percent price decrease
5. Jacksonville, FL: 10.5 percent price decrease
6. Phoenix, AZ: 9.4 percent price decrease
7. San Francisco, CA: 9.3 percent price decrease
8. Detroit, MI: 7.7 percent price decrease
9. Oklahoma City, OK: 7.6 percent price decrease
10. Tampa, FL: 7.4 percent price decrease
taken from CBR website posted 2/3/11
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