There’s a really interesting article on today’s CNN Money Real Estate page that makes projections for the next year in the top 100 US real estate markets. In typical CNN fashion, this article is literally 3 months old, even though it’s on the front page of their real estate section for today.
Nevertheless, there’s some really interesting and useful information in the chart (I’ll give you the link in a moment). The most interesting thing to me is this golden nugget:
98 of the top 100 U.S. real estate markets is showing a GAIN in value over the past 5 years. Even Miami (+94.8%), Las Vegas (+60.8%) and Phoenix (+60.9%) are up substantially over the past five years, after factoring in the recent market turmoil!
There are only two major markets that have shown a price decline in the past five years, and both are in Michigan: Detroit and Farmington Hills. Furthermore, most of the cities in the top 100 markets have shown very significant double-digit gains over the past five years.
This is even more data showing that the market weakness experienced right now in some markets across the USA does not represent a fundamental problem with the U.S. real estate market. Rather, the problem is an artificial one created by the over-availability of credit that was in part brought on by poor economic policies espoused and supported by the former Federal Reserve Chairman Alan Greenspan.
The market weakness you see in some cities right now is a natural part of the ebb and flow of the real estate market. And it’s just another opportunity for wisely opportunistic real estate investors to make their own futures even brighter.
If you’d like to check out the article for yourself, here it is. Thank you for reading FreeRealEstateTraining.com!