Friday AM June 26th, 2009
by: Jack Williams, June 25, 2009 6:06:54 pm
North Carolina-based Local Market Monitor predicts home prices in 300 markets nationwide. Its latest forecast shows the Houston market could be one of the strongest over the next year. This is the company's Carolyn Beggs.
"Houston is forecasted to increase in value by 2-percent over the coming, so that would be to the second quarter of 2010. The reason why is that Houston home prices are currently what we consider to be in balance, meaning that the equilibrium home price is relatively close to the actual home prices in the market, so the market not currently overprices."
Beggs says several other Texas markets should do well too, including Dallas-Fort Worth, McAllen and San Antonio. The markets not expected to see home price improvement include those in California, Nevada and Florida. Those states that have already been hit hard by the real estate downturn.