Home Values Rising in Hard-Hit Markets
April 10, 2012
Hard-hit housing markets in Florida, Michigan, and Arizona are seeing an increase in average home values. In particular, Miami is pushing home and condominium values higher in other Florida cities.
Meanwhile, a lack of discount priced foreclosures is pressuring home prices to climb in the Phoenix metro area. However, rising home values in these and other hard-hit markets could still translate to a short-term increase if banks and mortgage lenders raise mortgage rates.
Higher rates could lead to a slowdown in housing sales, which would be devastating for the market, as it’s experiencing the first significant signs of a recovery in more than five years in many of the country's hardest-hit areas.
Source: "Home Values Rising in Hard Hit Markets," HousingPredictor (April 9, 2012)
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Updated: November 25, 2020