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The Housing Market

The Housing Market

The U.S. housing market needs some serious TLC. It has been really struggling for quite some time now. Homeowners, who once depended on the equity in their home, are now left with virtually nothing.

At the same time, some buyers are hopeful about this market. These individuals hope to get “screaming deals” on incredible homes. If you fall into this category, you need to consider the housing market in the area where you want to buy.

Here are the best and worst housing markets in America today.

Worst
San Francisco
Detroit
Minneapolis
Phoenix
Las Vegas

Best
San Diego
Charlotte, N.C.
New York
Portland, Oregon
Washington, D.C.

It will be extremely beneficial to consider the shape your area’s housing market is in. Obviously, some areas are doing better than others. For instance, Las Vegas has always been known for its high property values. But, did you know that homes in Las Vegas haven’t been worth any more than the average home since August of 2003?

While some areas seem to be doing better than others, the overall U.S. housing market is in a complete slump. Each individual housing market, and the national housing market, has the potential to be a complete roller-coaster.

At times when employment is better, the housing market seems to do better because more people can afford homes. When unemployment is on the rise, the housing market, often times, takes a complete nose dive.

If you are considering buying a home in this market, it is so vital that you do your homework. Look at your individual area and health of the housing market there. If it is experiencing slow growth, carefully examine the time period that it has been down. Another helpful yardstick is to examine how many months of equity individual homeowners have lost. Many areas have county websites that should provide this information.

Although the U.S. housing market is in an overall slump, there are still areas that appear promising. If you are considering buying a home this year, take this into consideration.