Real estate markets in the Midwest and Northeast dominated a list of 10 fast-rising real estate markets nationwide identified in the Inman News analysis, as many markets in the Sun Belt states are still struggling through the housing downturn.
The Midwest and Northeast U.S. accounted for eight of 10 markets on the list: Bismarck and Fargo, N.D.; Des Moines, Iowa; Bloomington-Normal, Ill.; Elmira and Buffalo-Niagara Falls, N.Y.; Portland-South Portland-Biddeford, Maine; and Burlington-South Burlington, Vt.
The other two markets on the list: Kennewick-Richland-Pasco, Wash.; and the Washington, D.C., metro area.
Nationwide, unemployment is high, home prices are flat and trending lower since the expiration of the federal homebuyer tax credits, and overall sales fell last year compared to the prior year.
Stan Humphries, chief economist for Zillow, said it's unlikely that "substantial price appreciation" will occur "in any market nationwide in the near term." Rather, the company identified some "stabilizing" markets in a chart provided for this report.
Story by Andrea V. Brambila, Inman News
First time home buyers would be well advised to take advantage of readily available resources such as the internet, recommendations from trusted peers, co-workers and family to research a mortgage agent, brokerage, or banking institution. Since this is likely to be their largest single investment, in addition to the place they will reside and raise their family, quotes on mortgage rates and terms are imperative. A trusted mortgage professional will help to explain to you the costs that are associated with purchasing a home and the requirements which must be met to qualify for a mortgage, sometimes even assisting in recommending a reputable and reliable real estate agent or lawyer.
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