I discovered a very interesting story while browsing MSN.com today.
According to a recent study done by the Office of Federal Housing Enterprise Oversight (OFHEO) a majority of the nations metro areas declined in value during 4th quarter of ‘07 causing a negative appreciation in some housing markets. But, if we broaden our view to include the last 5 years ONLY market has gone down in value, Detroit! All other markets have gone up in value. Some only single digits, but in a positive direction.
Even the Duluth / Superior area was able to make the list.
City: Duluth, MN-WI
Rank: 104 / 291 for appreciation
1st Quarter: +0.35%
1 Year: +2.86%
5 Year: +40.03%
Now that is something that should shed alot of worries and doubts for you home owners and soon-to-be home owners. Your property is INCREASING in value. Contrary to what the media wants us to believe, the sheltered Midwest is doing great.
To read the article please visit: Home prices by city
