10 Cities Boasting Mini Sales Booms
Some cities that were hardest hit by the real
downturn are experiencing mini sales booms.
Las Vegas real estate properties are down 28
percent in price, but sales of homes are up 15 percent.
Motivated buyers accounted for 64 percent of Las
Vegas sales in October, says Radar Logic, a derivatives firm. That’s the highest
rate in the country.
"There's a pretty active housing market, it's simply
at a lower-priced inventory," says Michael Feder, chief executive of Radar
Logic. "And there are now bidding wars taking place over homes in foreclosure."
Phoenix and San Diego are reporting similar
experiences.
"We're clearing out the bad news," says Kiva Patten,
a director at Merrill Lynch specializing in housing derivatives.
"By the end of 2010 – that's where we're calling the
bottom in the forward market. You're going to get a small price appreciation in
2011," says Patten. "It's not like the turn is 10 percent per year, it'll be
something like 3 percent or 4 percent."
Here are the cities where experts say it makes
the most sense to buy now.
- Las Vegas
- Sacramento, Calif.
- San Diego, Calif.
- Los Angeles
- Detroit
- Phoenix
- San Francisco
- Washington, D.C.
- San Jose
- Atlanta
Source: Forbes, Matt Woolsey (01/12/09)