11:55 AM
Swee Ng
Just a few years ago, when foreclosures were coming fast and furious, some cities experienced more than their fair share of the pain. It stood to reason that the harder hit a city was, the less likely it was to make a hasty recovery.
However, according to Realtor.com, the official site of the National Association of Realtors, some of the cities whose housing markets bore the brunt of the foreclosures are now leading the way toward recovery.
2. Phoenix-Mesa, AZ
Year-over-year Median List Price Appreciation: 15.38%
Year-over-year Median Age of Inventory: -27.47%
Year-over-year Inventory: -48.10%
Unemployment Rate (November): 7.7%
Search/Listing Ratio Rank: 7
It used to reside at the number four spot, but jumped ahead two notches between the third and fourth quarters of 2011. This area experienced more than its fair share of foreclosures, and one in every 317 homes still goes into foreclosure. However, the foreclosed homes on the market are being sold at bargain prices, which has caused a 27.47 percent decrease in the median age of inventory.
The city’s unemployment rate in November was 7.7 percent, better than the national average, which can only help boost the local economy. Real estate broker Christy Walker has an optimistic forecast. "The Phoenix market has experienced a positive change in the past year and is poised to continue rebounding throughout 2012," she says. "Employment is up, foreclosures have dropped significantly, investor sales are substantial and our inventory is hovering around a three-month supply with increasing demand."
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