RealtyTrac and Local Market Monitor Team up for Analysis that Incorporates 10 Health-Related Criteria, Job Prospects, Future Price Appreciation and Foreclosure Discount
IRVINE, Calif. – August 22, 2013 — RealtyTrac® (www.realtytrac.com), the nation’s leading source for comprehensive housing data, and Local Market Monitor (www.localmarketmonitor.com), the premier real estate forecasting solution, today released a special report that shows the top housing markets for good health and building real estate wealth are in Texas, North and South Dakota, Utah, North Carolina, California, Tennessee, Montana, Wyoming, Iowa and Arkansas.
“While families have many good options across the country in terms of places where healthy living is evident and the prospect of appreciating home prices is solid, there are some markets that clearly stand head and shoulders above the rest,” said Daren Blomquist, vice president at RealtyTrac. “The markets considered for the Health and Wealth list all have strong appreciation potential. Some are healthier than others. This report not only features those top markets for appreciation but also highlights important health- and wealth-related factors for families to research in any market before they make the decision to buy a home.”
Top Markets for Health and Wealth
“Affordable homeownership with significant upside, robust economic growth and an active outdoor lifestyle are meaningful factors for all homebuyers, especially for families looking to relocate from other parts of the country,” said Steve Roney, CEO and Owner of Prudential Utah Real Estate. “With two of our largest metropolitan markets in the top 12 markets nationwide, Utah is clearly a desirable place to live and buy a home.”
Health ratings are based on 10 factors from RealtyTrac data across three major categories. Each factor is compared to an average across a large number of U.S. markets. Wealth ratings were added for Local Market Monitor’s 22 top picks for home price appreciation. Combining these factors, 12 markets were selected as Top Markets for both good health and building real estate wealth.
“RealtyTrac recognized that, while health is extremely important to many families, it can be difficult to choose a market based on overall health because there are many different factors,” said RealtyTrac Chief Economist Jake Adger. “To account for this, we ranked a large number of U.S. markets according to health ratings summarizing lifestyle, chronic disease rates and the environment. These ratings are based on 10 data points chosen from the wealth of RealtyTrac data.”
Local Market Monitor’s top 22 markets for home price appreciation were used to identify the best markets for building real estate wealth. The factors of lower-than-average unemployment and high foreclosure discounts were also used to determine the overall wealth score.
Home prices bottomed out in most local markets over the past couple of years and are now on the upswing. In many places this upswing will be significant because prices are well below the levels that are 'normal' - not boom levels but the levels that local income can support. Put an economic recovery on top of that, add very little construction in the past five years, and you have a highly favorable situation for anyone looking for sustained increases in home value.
“We are at a stage of the economic cycle where there are more positive than negative factors in front of us,” said Ingo Winzer, President at Local Market Monitor. “Despite the somewhat modest national recovery, there are plenty of local markets with excellent economic growth and good potential for the long run. These are places where you'll like to live, not just because investments in real estate or local businesses are more likely to be successful, but because they are dynamic places.”
“We've never seen a real estate recession — call it a crash — like the one we just went through,” Winzer continued. “The good news is that there are local markets where the crash is not only over, but where the lack of home construction in the last five years and a resurgence of economic growth will create a shortage of housing and a surge in home values.”
RealtyTrac’s Top 25 Markets for Health
RealtyTrac’s overall Health rankings provide an easy way to compare general health factors without obscuring the underlying data. Activity rate, fast food restaurants, smoking rate, and heavy drinking rate are summarized into the category of lifestyle. While lifestyle depends on the individual, homeowners may prefer markets with a healthy lifestyle because habits can “rub off.” Habits that promote good health — such as frequent physical activity — can rub off, as activities like running or cycling become popular pastimes. Habits that can result in poor health — such as frequent fast food dining or smoking — can rub off as well, as these behaviors become popular. The chronic disease category is made up of diabetes, obesity, heart attack, and asthma rates. Chronic disease rates vary for a variety of reasons. Environmental factors tend to be ignored until there is a problem. Radon and air quality make up the environment category.
The RealtyTrac U.S. Foreclosure Market Report is the result of a proprietary evaluation of information compiled by RealtyTrac; the report and any of the information in whole or in part can only be quoted, copied, published, re-published, distributed and/or re-distributed or used in any manner if the user specifically references RealtyTrac as the source for said report and/or any of the information set forth within the report.
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Investors, businesses and government institutions can contact RealtyTrac to license bulk foreclosure and neighborhood data or purchase customized reports. For more information please contact our Data Licensing Department at 800.462.5193 or email@example.com.
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About RealtyTrac Inc.
RealtyTrac (www.realtytrac.com) is the nation’s leading source for comprehensive housing data, with more than 1.5 million active default, foreclosure auction and bank-owned properties, and more than 1 million active for-sale listings on its website, which also provides essential housing information for more than 100 million homes nationwide. This information includes property characteristics, tax assessor records, bankruptcy status and sales history, along with 20 categories of key housing-related facts provided by RealtyTrac’s wholly-owned subsidiary, Homefacts®. RealtyTrac’s foreclosure reports and other housing data are relied on by the Federal Reserve, U.S. Treasury Department, HUD, numerous state housing and banking departments, investment funds as well as millions of real estate professionals and consumers, to help evaluate housing trends and make informed decisions about real estate.
About Local Market Monitor, Inc.
Local Market Monitor (www.LocalMarketMonitor.com), the premier real estate forecasting solution, offers investors in homes and home mortgages the local market risk intelligence they need to make informed decisions. Using a proprietary formula called the Equilibrium Home Price, Local Market Monitor determines if markets are currently over or under valued, equipping users with a long-term risk and investment perspective. Covering over 300 local markets, Local Market Monitor also presents key investors with a 12, 24 and 36-month home price forecast. The solution includes sorting capabilities allowing subscribers to view and compare real estate markets along various metrics, including an Investment Suitability Ratings to identify opportunities based on individual investing goals.
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