Home Buyers Find Memphis Market among “Least Risky”
The risk involved in home buying among buyers, sellers, and lenders, is seen nationwide as being the least risky in the top five “least risky” home markets of San Antonio, Cincinnati, Indianapolis, Pittsburgh, and Memphis real estate Markets.
This coming from BizJournal.com and also reporting the largest increases in risk were in the cities of Minneapolis, Virginia Beach, Baltimore, Newark, New York, and Washington DC.
Home appreciation is almost at a stand still, compared to just over a year ago, while the most drastic changes being in the once hot markets such as Las Vegas and San Diego. Phoenix, on the other hand, saw the greatest home appreciation with home values rising in some cases as much as 33.4 percent.
The same study found the 48 of the country’s 50 largest metropolitan statistical areas face increased risk of declining home prices this quarter. However, PMI Mortgage Insurance Co. predicts that the housing market will “cool gradually” due to the strength of the national and local economies.
PMI’s study also concluded that owning a home in one of the top 50 largest MSAs for 10 years or more resulted in a positive return in 100 percent of the cases and although this drops to 95% at 7 years and 92% at 5 years, the return was still seemed as impressive as expressed in the results of this study.
Again, Memphis and it’s suburbs were included in the top five places to be able to purchase in a more stable market.
Monday, March 31, 2008
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