Destin, FL – March 29, 2011 – (RealEstateRama) — The bottom of the housing market is close to developing in some regions of the U.S., while others will experience a delayed reaction in 2011 to the bottom of their markets, according to the new Housing Predictor forecast.
Analysts have determined that the delays in a large majority of the nation will be triggered by a variety of factors as the country sustains the toughest economy since the Great Depression, including some of the highest unemployment in many areas of the country in generations. Visit Housing Predictor for the full details on the forecast.
Housing markets in more than a dozen states are forecast to experience higher home prices in 2011. The forecasts are being issued as part of the more than 230 local housing market projections made by forecasters for the real estate research firm. The best markets are concentrated in the Mid-West and North-Eastern regions of the country, which sustained less pricing volatility as a result of the real estate crash.
Higher projected foreclosures in the hardest hit areas of the country will pressure markets in the West and Southern regions, delaying the bottom of their markets.
North Dakota, South Dakota, Wyoming, and Montana are predicted to have higher home prices over the year. Low mortgage rates should aid markets in Kansas, Nebraska, Iowa, Texas and Louisiana especially when springtime weather rolls around.