87. Las Vegas-Paradise, NV
Market Health Indicator: 32.4
2011 Building Permit Forecast: 6,673
Percent Change in Building Permits: 8%
Las Vegasis the epicenter of the foreclosure earthquake, leading the nation in foreclosures on a per household basis. Last year, one out of every nine households (88,198 households) received notice of a foreclosure, down slightly from the year before but still 31 percent above 2008 levels.
As a result, Moody’s is forecasting another 14% decline in home prices this year. The median price of a home has fallen from a high of $304,000 in 2005, when news reports focused on a lack of land suitable for development. By last year, prices had dropped to $138,000, a 55% decline. Bank-owned homes accounted for nearly half of all home sales in Las Vegas last year.
Las Vegas, the 18th largest housing market last year, seems to be nearing stabilization, based on its level of building permits, which were down only 4% last year. Despite its well-documented travails, Sin City continues to add people, some no doubt drawn by newly affordable home prices, others by a lack of state income taxes. Household formations are expected to increase by another 1.7% this year as the metro area adds back 20,000 jobs. Eight of the top 10 employers here are in gaming.
Visit our Local Markets page for Las Vegas to see more data and analysis.
52. Los Angeles-Long Beach-Santa Ana, CA
Market Health Indicator: 50.0
2011 Building Permit Forecast: 10,300
Percent Change in Building Permits: -7%
Like many of the markets we have investigated, Los Angeles is a tale of two cities. The metro area of nearly 10 million continues to suffer from stubbornly high unemployment, which stood at 11.79% at the end of last year. Yet builders think good times must be right around the corner–they posted a 45% increase in permit activity last year.
Moody’s thinks they will go into reverse this year, as buyers find more existing homes to choose from. A huge number of households, 147,715, were served with a notice of foreclosure last year, even though the situation improved somewhat. Only one city, FL” target=”_blank”>Miami, had a larger total. Moody’s forecasts another 13% drop this year in median home prices to $308,000, nearly half of 2006’s level($577,000).
Even so, most economic forces that underpin housing have turned positive. The region is adding jobs again, though it will be several years before it replaces the 363,000 lost from 2008 to 2010. Household formations and income levels are also expected to rise.
Visit our Local Markets page for Los Angeles to see more data and analysis.
97. Fayetteville, NC
Market Health Indicator: 17.9
2011 Building Permit Forecast: 2,527
Percent Change in Building Permits: -28%
What happened in formerly stable Fayetteville, which used to finish relatively high on our list of the healthiest housing markets? A left jab from rising unemployment, followed by a right uppercut from slowing household formations, appears to have dropped its housing market to the mat.
Fayetteville, home to Ft. Bragg, is one of the few markets in the country where prices, as measured by the National Association of Realtors’ index, rose last year. And, at a median of $105,000, they haven’t fallen much from their peak of $112,000 in 2006. The stable conditions last year helped fuel a 42% increase in building permits, which reached 2004 levels.
Moody’s is calling for a decline this year, after builders discover weaker home buyer demand brought on by job losses and flattened household growth.
Visit our Local Markets page for Fayetteville to see more data and analysis.
87. Las Vegas-Paradise, NV
Market Health Indicator: 32.4
2011 Building Permit Forecast: 6,673
Percent Change in Building Permits: 8%
Las Vegasis the epicenter of the foreclosure earthquake, leading the nation in foreclosures on a per household basis. Last year, one out of every nine households (88,198 households) received notice of a foreclosure, down slightly from the year before but still 31 percent above 2008 levels.
As a result, Moody’s is forecasting another 14% decline in home prices this year. The median price of a home has fallen from a high of $304,000 in 2005, when news reports focused on a lack of land suitable for development. By last year, prices had dropped to $138,000, a 55% decline. Bank-owned homes accounted for nearly half of all home sales in Las Vegas last year.
Las Vegas, the 18th largest housing market last year, seems to be nearing stabilization, based on its level of building permits, which were down only 4% last year. Despite its well-documented travails, Sin City continues to add people, some no doubt drawn by newly affordable home prices, others by a lack of state income taxes. Household formations are expected to increase by another 1.7% this year as the metro area adds back 20,000 jobs. Eight of the top 10 employers here are in gaming.
Visit our Local Markets page for Las Vegas to see more data and analysis.
52. Los Angeles-Long Beach-Santa Ana, CA
Market Health Indicator: 50.0
2011 Building Permit Forecast: 10,300
Percent Change in Building Permits: -7%
Like many of the markets we have investigated, Los Angeles is a tale of two cities. The metro area of nearly 10 million continues to suffer from stubbornly high unemployment, which stood at 11.79% at the end of last year. Yet builders think good times must be right around the corner–they posted a 45% increase in permit activity last year.
Moody’s thinks they will go into reverse this year, as buyers find more existing homes to choose from. A huge number of households, 147,715, were served with a notice of foreclosure last year, even though the situation improved somewhat. Only one city, FL” target=”_blank”>Miami, had a larger total. Moody’s forecasts another 13% drop this year in median home prices to $308,000, nearly half of 2006’s level($577,000).
Even so, most economic forces that underpin housing have turned positive. The region is adding jobs again, though it will be several years before it replaces the 363,000 lost from 2008 to 2010. Household formations and income levels are also expected to rise.
Visit our Local Markets page for Los Angeles to see more data and analysis.
98. Detroit-Warren-Livonia, MI
Market Health Indicator: 15.5
2011 Building Permit Forecast: 5,736
Percent Change in Building Permits: 88%
The Super Bowl ad for the new Chrysler 300 was intended to create the impression that the Motor City was back. If so, it is coming back from a much lower base. The metro area has lost a staggering 332,000 jobs since 2006 and its population has been declining since at least 2004.
Detroit finishes third from last on our list of “healthiest” markets because it’s projected to lose more jobs this year, though far fewer than in recent years. Median home prices–$114,000 in 2010–are projected to decline again this year as well, then rise in 2012. They have fallen 42 percent from a 2005 peak of $162,000.
But the market is beginning to show small signs of improvement. Median income is projected to climb to $48,000 this year, after hitting bottom at $46,000 last year. It peaked at $53,000 in 2007. The Motor City is expected to add some jobs this year, even if its unemployment rate remains above 14%.
Builders think the market is poised to turn. They effectively called the bottom last year, more than doubling permit volume, a pace that may continue this year. With a current population of 4.4 million, Detroit produced as many as 13,358 building permits in 2005.
Visit our Local Markets page for Detroit to see more data and analysis.
97. Fayetteville, NC
Market Health Indicator: 17.9
2011 Building Permit Forecast: 2,527
Percent Change in Building Permits: -28%
What happened in formerly stable Fayetteville, which used to finish relatively high on our list of the healthiest housing markets? A left jab from rising unemployment, followed by a right uppercut from slowing household formations, appears to have dropped its housing market to the mat.
Fayetteville, home to Ft. Bragg, is one of the few markets in the country where prices, as measured by the National Association of Realtors’ index, rose last year. And, at a median of $105,000, they haven’t fallen much from their peak of $112,000 in 2006. The stable conditions last year helped fuel a 42% increase in building permits, which reached 2004 levels.
Moody’s is calling for a decline this year, after builders discover weaker home buyer demand brought on by job losses and flattened household growth.
Visit our Local Markets page for Fayetteville to see more data and analysis.
87. Las Vegas-Paradise, NV
Market Health Indicator: 32.4
2011 Building Permit Forecast: 6,673
Percent Change in Building Permits: 8%
Las Vegasis the epicenter of the foreclosure earthquake, leading the nation in foreclosures on a per household basis. Last year, one out of every nine households (88,198 households) received notice of a foreclosure, down slightly from the year before but still 31 percent above 2008 levels.
As a result, Moody’s is forecasting another 14% decline in home prices this year. The median price of a home has fallen from a high of $304,000 in 2005, when news reports focused on a lack of land suitable for development. By last year, prices had dropped to $138,000, a 55% decline. Bank-owned homes accounted for nearly half of all home sales in Las Vegas last year.
Las Vegas, the 18th largest housing market last year, seems to be nearing stabilization, based on its level of building permits, which were down only 4% last year. Despite its well-documented travails, Sin City continues to add people, some no doubt drawn by newly affordable home prices, others by a lack of state income taxes. Household formations are expected to increase by another 1.7% this year as the metro area adds back 20,000 jobs. Eight of the top 10 employers here are in gaming.
Visit our Local Markets page for Las Vegas to see more data and analysis.
52. Los Angeles-Long Beach-Santa Ana, CA
Market Health Indicator: 50.0
2011 Building Permit Forecast: 10,300
Percent Change in Building Permits: -7%
Like many of the markets we have investigated, Los Angeles is a tale of two cities. The metro area of nearly 10 million continues to suffer from stubbornly high unemployment, which stood at 11.79% at the end of last year. Yet builders think good times must be right around the corner–they posted a 45% increase in permit activity last year.
Moody’s thinks they will go into reverse this year, as buyers find more existing homes to choose from. A huge number of households, 147,715, were served with a notice of foreclosure last year, even though the situation improved somewhat. Only one city, FL” target=”_blank”>Miami, had a larger total. Moody’s forecasts another 13% drop this year in median home prices to $308,000, nearly half of 2006’s level($577,000).
Even so, most economic forces that underpin housing have turned positive. The region is adding jobs again, though it will be several years before it replaces the 363,000 lost from 2008 to 2010. Household formations and income levels are also expected to rise.
Visit our Local Markets page for Los Angeles to see more data and analysis.
40. Denver-Aurora-Broomfield, CO
Market Health Indicator: 55.3
2011 Building Permit Forecast: 8,178
Percent Change in Building Permits: 64%
With most of its metrics now positive, Denver has moved into a recovery stage, though a slower one than might be expected. The housing recession hit early here. Foreclosures are down 9% since 2008, though they rose slightly last year, as the impact from the economic recession rolled through.
Denver, the 24th largest housing market last year, has a lot going for it, including a growing population drawn by beautiful scenery and recreational opportunities. Strong household formation, expected to rise another 1.66% in 2006, has helped prop up median home prices. They peaked at $249,000 in 2006 and remained at $230,000 at the end of last year, only an 8% drop.
Unemployment is well below the national average, though it rose in the fourth quarter, a trend that may continue into this year. Despite a burgeoning high-tech sector, the metro area isn’t producing enough jobs to satisfy its growing population. Income growth should rise a healthy 2.56% this year.
Building permit activity rose strongly, 22%, last year, especially among single-family permits, which were up 37%. Permits are expected to rise at an even faster rate in 2011, with national builders leading the way. There’s still a lot of room for growth in a market that produced 21,000 permits in 2004.
Visit our Local Markets page for Denver to see more data and analysis.
98. Detroit-Warren-Livonia, MI
Market Health Indicator: 15.5
2011 Building Permit Forecast: 5,736
Percent Change in Building Permits: 88%
The Super Bowl ad for the new Chrysler 300 was intended to create the impression that the Motor City was back. If so, it is coming back from a much lower base. The metro area has lost a staggering 332,000 jobs since 2006 and its population has been declining since at least 2004.
Detroit finishes third from last on our list of “healthiest” markets because it’s projected to lose more jobs this year, though far fewer than in recent years. Median home prices–$114,000 in 2010–are projected to decline again this year as well, then rise in 2012. They have fallen 42 percent from a 2005 peak of $162,000.
But the market is beginning to show small signs of improvement. Median income is projected to climb to $48,000 this year, after hitting bottom at $46,000 last year. It peaked at $53,000 in 2007. The Motor City is expected to add some jobs this year, even if its unemployment rate remains above 14%.
Builders think the market is poised to turn. They effectively called the bottom last year, more than doubling permit volume, a pace that may continue this year. With a current population of 4.4 million, Detroit produced as many as 13,358 building permits in 2005.
Visit our Local Markets page for Detroit to see more data and analysis.
97. Fayetteville, NC
Market Health Indicator: 17.9
2011 Building Permit Forecast: 2,527
Percent Change in Building Permits: -28%
What happened in formerly stable Fayetteville, which used to finish relatively high on our list of the healthiest housing markets? A left jab from rising unemployment, followed by a right uppercut from slowing household formations, appears to have dropped its housing market to the mat.
Fayetteville, home to Ft. Bragg, is one of the few markets in the country where prices, as measured by the National Association of Realtors’ index, rose last year. And, at a median of $105,000, they haven’t fallen much from their peak of $112,000 in 2006. The stable conditions last year helped fuel a 42% increase in building permits, which reached 2004 levels.
Moody’s is calling for a decline this year, after builders discover weaker home buyer demand brought on by job losses and flattened household growth.
Visit our Local Markets page for Fayetteville to see more data and analysis.
87. Las Vegas-Paradise, NV
Market Health Indicator: 32.4
2011 Building Permit Forecast: 6,673
Percent Change in Building Permits: 8%
Las Vegasis the epicenter of the foreclosure earthquake, leading the nation in foreclosures on a per household basis. Last year, one out of every nine households (88,198 households) received notice of a foreclosure, down slightly from the year before but still 31 percent above 2008 levels.
As a result, Moody’s is forecasting another 14% decline in home prices this year. The median price of a home has fallen from a high of $304,000 in 2005, when news reports focused on a lack of land suitable for development. By last year, prices had dropped to $138,000, a 55% decline. Bank-owned homes accounted for nearly half of all home sales in Las Vegas last year.
Las Vegas, the 18th largest housing market last year, seems to be nearing stabilization, based on its level of building permits, which were down only 4% last year. Despite its well-documented travails, Sin City continues to add people, some no doubt drawn by newly affordable home prices, others by a lack of state income taxes. Household formations are expected to increase by another 1.7% this year as the metro area adds back 20,000 jobs. Eight of the top 10 employers here are in gaming.
Visit our Local Markets page for Las Vegas to see more data and analysis.
52. Los Angeles-Long Beach-Santa Ana, CA
Market Health Indicator: 50.0
2011 Building Permit Forecast: 10,300
Percent Change in Building Permits: -7%
Like many of the markets we have investigated, Los Angeles is a tale of two cities. The metro area of nearly 10 million continues to suffer from stubbornly high unemployment, which stood at 11.79% at the end of last year. Yet builders think good times must be right around the corner–they posted a 45% increase in permit activity last year.
Moody’s thinks they will go into reverse this year, as buyers find more existing homes to choose from. A huge number of households, 147,715, were served with a notice of foreclosure last year, even though the situation improved somewhat. Only one city, FL” target=”_blank”>Miami, had a larger total. Moody’s forecasts another 13% drop this year in median home prices to $308,000, nearly half of 2006’s level($577,000).
Even so, most economic forces that underpin housing have turned positive. The region is adding jobs again, though it will be several years before it replaces the 363,000 lost from 2008 to 2010. Household formations and income levels are also expected to rise.
Visit our Local Markets page for Los Angeles to see more data and analysis.
40. Denver-Aurora-Broomfield, CO
Market Health Indicator: 55.3
2011 Building Permit Forecast: 8,178
Percent Change in Building Permits: 64%
With most of its metrics now positive, Denver has moved into a recovery stage, though a slower one than might be expected. The housing recession hit early here. Foreclosures are down 9% since 2008, though they rose slightly last year, as the impact from the economic recession rolled through.
Denver, the 24th largest housing market last year, has a lot going for it, including a growing population drawn by beautiful scenery and recreational opportunities. Strong household formation, expected to rise another 1.66% in 2006, has helped prop up median home prices. They peaked at $249,000 in 2006 and remained at $230,000 at the end of last year, only an 8% drop.
Unemployment is well below the national average, though it rose in the fourth quarter, a trend that may continue into this year. Despite a burgeoning high-tech sector, the metro area isn’t producing enough jobs to satisfy its growing population. Income growth should rise a healthy 2.56% this year.
Building permit activity rose strongly, 22%, last year, especially among single-family permits, which were up 37%. Permits are expected to rise at an even faster rate in 2011, with national builders leading the way. There’s still a lot of room for growth in a market that produced 21,000 permits in 2004.
Visit our Local Markets page for Denver to see more data and analysis.
98. Detroit-Warren-Livonia, MI
Market Health Indicator: 15.5
2011 Building Permit Forecast: 5,736
Percent Change in Building Permits: 88%
The Super Bowl ad for the new Chrysler 300 was intended to create the impression that the Motor City was back. If so, it is coming back from a much lower base. The metro area has lost a staggering 332,000 jobs since 2006 and its population has been declining since at least 2004.
Detroit finishes third from last on our list of “healthiest” markets because it’s projected to lose more jobs this year, though far fewer than in recent years. Median home prices–$114,000 in 2010–are projected to decline again this year as well, then rise in 2012. They have fallen 42 percent from a 2005 peak of $162,000.
But the market is beginning to show small signs of improvement. Median income is projected to climb to $48,000 this year, after hitting bottom at $46,000 last year. It peaked at $53,000 in 2007. The Motor City is expected to add some jobs this year, even if its unemployment rate remains above 14%.
Builders think the market is poised to turn. They effectively called the bottom last year, more than doubling permit volume, a pace that may continue this year. With a current population of 4.4 million, Detroit produced as many as 13,358 building permits in 2005.
Visit our Local Markets page for Detroit to see more data and analysis.
97. Fayetteville, NC
Market Health Indicator: 17.9
2011 Building Permit Forecast: 2,527
Percent Change in Building Permits: -28%
What happened in formerly stable Fayetteville, which used to finish relatively high on our list of the healthiest housing markets? A left jab from rising unemployment, followed by a right uppercut from slowing household formations, appears to have dropped its housing market to the mat.
Fayetteville, home to Ft. Bragg, is one of the few markets in the country where prices, as measured by the National Association of Realtors’ index, rose last year. And, at a median of $105,000, they haven’t fallen much from their peak of $112,000 in 2006. The stable conditions last year helped fuel a 42% increase in building permits, which reached 2004 levels.
Moody’s is calling for a decline this year, after builders discover weaker home buyer demand brought on by job losses and flattened household growth.
Visit our Local Markets page for Fayetteville to see more data and analysis.
87. Las Vegas-Paradise, NV
Market Health Indicator: 32.4
2011 Building Permit Forecast: 6,673
Percent Change in Building Permits: 8%
Las Vegasis the epicenter of the foreclosure earthquake, leading the nation in foreclosures on a per household basis. Last year, one out of every nine households (88,198 households) received notice of a foreclosure, down slightly from the year before but still 31 percent above 2008 levels.
As a result, Moody’s is forecasting another 14% decline in home prices this year. The median price of a home has fallen from a high of $304,000 in 2005, when news reports focused on a lack of land suitable for development. By last year, prices had dropped to $138,000, a 55% decline. Bank-owned homes accounted for nearly half of all home sales in Las Vegas last year.
Las Vegas, the 18th largest housing market last year, seems to be nearing stabilization, based on its level of building permits, which were down only 4% last year. Despite its well-documented travails, Sin City continues to add people, some no doubt drawn by newly affordable home prices, others by a lack of state income taxes. Household formations are expected to increase by another 1.7% this year as the metro area adds back 20,000 jobs. Eight of the top 10 employers here are in gaming.
Visit our Local Markets page for Las Vegas to see more data and analysis.
52. Los Angeles-Long Beach-Santa Ana, CA
Market Health Indicator: 50.0
2011 Building Permit Forecast: 10,300
Percent Change in Building Permits: -7%
Like many of the markets we have investigated, Los Angeles is a tale of two cities. The metro area of nearly 10 million continues to suffer from stubbornly high unemployment, which stood at 11.79% at the end of last year. Yet builders think good times must be right around the corner–they posted a 45% increase in permit activity last year.
Moody’s thinks they will go into reverse this year, as buyers find more existing homes to choose from. A huge number of households, 147,715, were served with a notice of foreclosure last year, even though the situation improved somewhat. Only one city, FL” target=”_blank”>Miami, had a larger total. Moody’s forecasts another 13% drop this year in median home prices to $308,000, nearly half of 2006’s level($577,000).
Even so, most economic forces that underpin housing have turned positive. The region is adding jobs again, though it will be several years before it replaces the 363,000 lost from 2008 to 2010. Household formations and income levels are also expected to rise.
Visit our Local Markets page for Los Angeles to see more data and analysis.
40. Denver-Aurora-Broomfield, CO
Market Health Indicator: 55.3
2011 Building Permit Forecast: 8,178
Percent Change in Building Permits: 64%
With most of its metrics now positive, Denver has moved into a recovery stage, though a slower one than might be expected. The housing recession hit early here. Foreclosures are down 9% since 2008, though they rose slightly last year, as the impact from the economic recession rolled through.
Denver, the 24th largest housing market last year, has a lot going for it, including a growing population drawn by beautiful scenery and recreational opportunities. Strong household formation, expected to rise another 1.66% in 2006, has helped prop up median home prices. They peaked at $249,000 in 2006 and remained at $230,000 at the end of last year, only an 8% drop.
Unemployment is well below the national average, though it rose in the fourth quarter, a trend that may continue into this year. Despite a burgeoning high-tech sector, the metro area isn’t producing enough jobs to satisfy its growing population. Income growth should rise a healthy 2.56% this year.
Building permit activity rose strongly, 22%, last year, especially among single-family permits, which were up 37%. Permits are expected to rise at an even faster rate in 2011, with national builders leading the way. There’s still a lot of room for growth in a market that produced 21,000 permits in 2004.
Visit our Local Markets page for Denver to see more data and analysis.
98. Detroit-Warren-Livonia, MI
Market Health Indicator: 15.5
2011 Building Permit Forecast: 5,736
Percent Change in Building Permits: 88%
The Super Bowl ad for the new Chrysler 300 was intended to create the impression that the Motor City was back. If so, it is coming back from a much lower base. The metro area has lost a staggering 332,000 jobs since 2006 and its population has been declining since at least 2004.
Detroit finishes third from last on our list of “healthiest” markets because it’s projected to lose more jobs this year, though far fewer than in recent years. Median home prices–$114,000 in 2010–are projected to decline again this year as well, then rise in 2012. They have fallen 42 percent from a 2005 peak of $162,000.
But the market is beginning to show small signs of improvement. Median income is projected to climb to $48,000 this year, after hitting bottom at $46,000 last year. It peaked at $53,000 in 2007. The Motor City is expected to add some jobs this year, even if its unemployment rate remains above 14%.
Builders think the market is poised to turn. They effectively called the bottom last year, more than doubling permit volume, a pace that may continue this year. With a current population of 4.4 million, Detroit produced as many as 13,358 building permits in 2005.
Visit our Local Markets page for Detroit to see more data and analysis.
97. Fayetteville, NC
Market Health Indicator: 17.9
2011 Building Permit Forecast: 2,527
Percent Change in Building Permits: -28%
What happened in formerly stable Fayetteville, which used to finish relatively high on our list of the healthiest housing markets? A left jab from rising unemployment, followed by a right uppercut from slowing household formations, appears to have dropped its housing market to the mat.
Fayetteville, home to Ft. Bragg, is one of the few markets in the country where prices, as measured by the National Association of Realtors’ index, rose last year. And, at a median of $105,000, they haven’t fallen much from their peak of $112,000 in 2006. The stable conditions last year helped fuel a 42% increase in building permits, which reached 2004 levels.
Moody’s is calling for a decline this year, after builders discover weaker home buyer demand brought on by job losses and flattened household growth.
Visit our Local Markets page for Fayetteville to see more data and analysis.
87. Las Vegas-Paradise, NV
Market Health Indicator: 32.4
2011 Building Permit Forecast: 6,673
Percent Change in Building Permits: 8%
Las Vegasis the epicenter of the foreclosure earthquake, leading the nation in foreclosures on a per household basis. Last year, one out of every nine households (88,198 households) received notice of a foreclosure, down slightly from the year before but still 31 percent above 2008 levels.
As a result, Moody’s is forecasting another 14% decline in home prices this year. The median price of a home has fallen from a high of $304,000 in 2005, when news reports focused on a lack of land suitable for development. By last year, prices had dropped to $138,000, a 55% decline. Bank-owned homes accounted for nearly half of all home sales in Las Vegas last year.
Las Vegas, the 18th largest housing market last year, seems to be nearing stabilization, based on its level of building permits, which were down only 4% last year. Despite its well-documented travails, Sin City continues to add people, some no doubt drawn by newly affordable home prices, others by a lack of state income taxes. Household formations are expected to increase by another 1.7% this year as the metro area adds back 20,000 jobs. Eight of the top 10 employers here are in gaming.
Visit our Local Markets page for Las Vegas to see more data and analysis.
52. Los Angeles-Long Beach-Santa Ana, CA
Market Health Indicator: 50.0
2011 Building Permit Forecast: 10,300
Percent Change in Building Permits: -7%
Like many of the markets we have investigated, Los Angeles is a tale of two cities. The metro area of nearly 10 million continues to suffer from stubbornly high unemployment, which stood at 11.79% at the end of last year. Yet builders think good times must be right around the corner–they posted a 45% increase in permit activity last year.
Moody’s thinks they will go into reverse this year, as buyers find more existing homes to choose from. A huge number of households, 147,715, were served with a notice of foreclosure last year, even though the situation improved somewhat. Only one city, FL” target=”_blank”>Miami, had a larger total. Moody’s forecasts another 13% drop this year in median home prices to $308,000, nearly half of 2006’s level($577,000).
Even so, most economic forces that underpin housing have turned positive. The region is adding jobs again, though it will be several years before it replaces the 363,000 lost from 2008 to 2010. Household formations and income levels are also expected to rise.
Visit our Local Markets page for Los Angeles to see more data and analysis.
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