REALTOR.com Names Top Turnaround Towns – May 2012 (DATA)

Seven housing markets hit hardest by foreclosures – all from Florida – are  leading the nation towards a general housing recovery, while unexpected new  comers in Michigan, Texas, Iowa and California are showing signs of strength and  stability, according to the Top Turnaround Town Report released today by  Realtor.com, the #1 homes-for-sale site operated by Move, Inc., (NASDAQ: MOVE),  the leader in online real estate.

The list of 25 Top Turnaround Towns, developed using year-over-year  comparative data from the first quarters of 2012 and 2011, is led by  Phoenix-Mesa, AZ, Miami, FL and Orlando, FL – three top foreclosure markets  experiencing list price appreciation, along with reductions in inventories and  their median age of inventory, all on a year-over-year quarterly basis.   Other call out markets include Boise City, ID (4), which has been on the rise  steadily since its debut at No. eight in the third quarter of 2011, and Naples,  FL, which rose one spot from sixth to fifth in one quarter.

Noteworthy newcomers include Bay Area frontrunners Oakland, CA (6) and San  Jose, CA (24), heating up as the nation watches the local hi-tech industry and  upcoming Facebook IPO, and the Lone Star State markets of Dallas, TX (12) and  Forth Worth-Arlington, TX (18). While Detroit, MI continues its struggle with  high unemployment (10.2%), it landed in the 23rd position on the Realtor.com  list with a 5.82% increase in list price appreciation, a -29.59% reduction of  for sale inventory, and a market that’s moving 27.27% faster, all on a  year-over-year quarterly basis.

“We continue to see signs of stabilization and recovery on the local level  throughout the country, basing analysis on the real-time nature and accuracy of  the Realtor.com data,” said Steve Berkowitz, CEO of Realtor.com operator, Move,  Inc.  “By all indications, the 2012 housing market is unfolding as we  expected, and we’re encouraged with the progress local markets are making.   However, much will depend on the continued health of our economy, specifically  job rates, and how lenders will release their foreclosure inventories now that  the 49 state AG Agreement has been signed. All of these key factors will  determine how quickly our local housing markets recover and remain healthy.”

Q1   2012 Rank Market Past Ranking 

(Q4 2011)

Past 

Ranking

(Q3 2011)

Year/Year MLP Appreciation Year/Year Median Age of Inventory Year/Year Inventory Unemployment Rate 

(Feb 2012)

Search/ Listing Ratio Rank
1. Phoenix-Mesa, AZ 2. 4. 26.94% -32.94% -48.04% 7.8% 10
2. Miami, FL** 1. 1. 24.32% -40.98% -48.03% 9% 8
3. Orlando, FL 3. 2. 11.54% -38.46% -41.58% 9.1% 3
4. Boise City, ID 6. 8. 17.53% -23.60% -36.87% 8.7% 62
5. Naples, FL 7. 14.34% -23.49% -34.16% 8.3% 46
6. Oakland, CA 7.07% -46.43% -48.35% 8.7% 7
7. Fort Myers-Cape Coral, FL** 4. 3. 18.27% -24.59% -27.61% 9.4% 107
8. Lakeland-Winter Haven, FL* 9. 7. 12.95% -26.56% -30.88% 10% 26
9. Sarasota-Bradenton, FL 5. 6. 12.56% -29.55% -27.69% 9.2% 52
10. Tampa-St. Petersburg-Clearwater, FL 11.92% -20.34% -39.79% 9.4% 12
11. Punta Gorda, FL 10. 13.34% -21.90% -26.30% 9.3% 71
12. Dallas, TX** 8.58% -22.83% -29.15% 7.1% 35
13. Washington, DC-MD-VA-WV(DC) 13.18% -21.25% -27.31% 5.8% 14
14. Jacksonville, FL 6.38% -25.71% -32.40% 8.8% 32
15. Fort Lauderdale, FL 8. 5. 8.04% -16.46% -47.36% 9% 15
16. Bakersfield, CA* 4.57% -36.36% -49.86% 15.5% 1
17. Daytona Beach, FL 10.07% -17.91% -30.28% 9.5% 47
18. Fort Worth-Arlington, TX **/*** 8.90% -20.65% -26.87% 7.1% 63
19. Grand Rapids-Muskegon-Holland, MI 8.34% -21.30% -23.90% 7.4% 23
20. Minneapolis-St. Paul, MN-WI(MN) 6.14% -31.18% -27.46% 6.2% 33
21. Iowa City, IA 6.81% -24.36% -26.24% 4.2% 95
22. Portland-Vancouver, OR-WA(OR) 4.25% -27.78% -38.05% 8.6% 11
23. Detroit, MI 5.82% -27.27% -29.59% 10.2% 77
24. San Jose, CA*** 6.67% -18.06% -34.59% 9.1% 36
25. Seattle-Bellevue-Everett, WA 3.81% -27.27% -39.34% 8.3% 17

*Among the 15 Best Housing Markets For the Next Five Years, Business  Insider

**Made the Top Ten Best Real Estate Markets in 2012,  ActiveRain.com

***Cities Where Real Estate is Ripe for a Rebound, Forbes January  2012

1. Phoenix-Mesa AZ leads the  nation on the Realtor.com Turnaround Town list after advancing from the #2  position in the fourth quarter of 2011. While it was one of the hardest hit  areas by foreclosures, median list prices are up 26.94% in the first quarter of  2012 compared to the same time last year, and the area experienced the largest  increase in median list prices of all of the 146 MSAs monitored by Realtor.com.  Unemployment in Phoenix is at 7.8% and contributes to its improving local  economy and growing demand for housing. The market experienced a -32.94%  year-over-year quarterly decline in the local median age of inventory thanks to  the sale of thousands of foreclosure bargains. While Maricopa County today  generates 1 foreclosure filing for every 242 homes, if inventory remains in  check, it’s a matter of time before Phoenix stabilizes and has lasting home  value appreciation.

 

Phoenix appeared on the Realtor.com Turnaround Town Report: Q3 2011 (4); Q4  2011 (2).

 

What to know about Phoenix: Contributing to the economic recovery is a slew  of high-profile events the city has to offer, including Super Bowl XLII in 2008.  The National Football Conference must have liked the location because they  tapped the city to host the main event again in 2015. A robust public transit  system is also part of the attraction: Phoenix continues to move forward on its  transportation system, opening the PHX Sky Train next year, which will link  passengers from Sky Harbor International Airport to the city’s light-rail  system.

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