By most indicators, the national real estate market is looking up. There are lots of reasons for this and we’ll get into some of them here. But for the most part, the real estate market follows the general state of the economy. When employment is high and the economy is on a strengthening trend, buyer confidence is naturally strong.
It is also the case that a reduction in the number of foreclosures and short sales is boosting the general market; as these properties are absorbed, buyers turn to the regular inventory. Of course, continuing low interest rates have played a part in the upturn as well.
Some other factors are also in play. There has been a shift in the marketplace as multinational corporations have relocated to lower cost regions like the Midwest. This harbingers a trend away from the high tax, high cost states into these formerly less attractive markets. Another factor is the resurgence of American energy thanks to new oil extraction technologies, bringing a boon to such states as North Dakota, Oklahoma and Michigan.
With all this in mind, it’s interesting to have a look at the states and neighborhoods enjoying the highest appreciation in real estate values. A recent online real estate magazine, BiggerPockets, came up with the top cities undergoing year-to-year rapid appreciation. They were No. 1, Detroit at 32 percent, Toledo, Ohio at 23 percent, Dayton, Ohio at 20 percent, Modesto, Calif. at 18 percent, Houston, Texas at 16 percent, Atlanta at 15 percent, Chicago at 13 percent and Miami, Fla. also at 13 percent.
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