DAILY REAL ESTATE NEWS | MONDAY, MARCH 17, 2014
Over the long-term, housing can build equity even during tumultuous economic times. Case in point: The majority of home owners who bought a home during the market’s peak in 2006 are seeing positive equity in their homes, according to the National Association of REALTORS®’ fourth quarter2013 Local Market Reports.
“Many of the markets that have experienced the strongest improvement in equity are concentrated in the hardest-hit areas, where prices have rebounded since 2010,” Ken Fears, the association’s manager of regional economics and housing finance policy, writes at NAR’s Economists’ Outlook blog. “Los Angeles, Riverside, and Sacramento were all hard hit by the market decline, but have experienced sharp improvements since 2010 driven by relatively low prices, low mortgage rates, and investor demand.”
NAR reports that the following 10 markets have posted the greatest equity appreciation since the fourth quarter of 2010:
- San Jose
- San Francisco
- Anaheim, Calif.
- Los Angeles
- San Diego
- Boulder, Colo.
- Riverside, Calif.
- Cape Coral-Fort Myers, Fla.
- Sacramento, Calif.
Download your local housing market report for more information on inventories, foreclosures, and more at Realtor.org.
Source: “Top 10 Markets by Equity Appreciation Since 4th Quarter 2010,” NAR’s Economists’ Outlook blog (March 14, 2014)