Some of the Best and Worst Housing Markets

I recently came across an article on www.bankrate.com titled Top 5 Sinking Housing Markets. It discussed the gains and loses in the current US housing market and the areas affected the most. The city that was hit with the biggest decline was Ocala, Florida with a 20% percent decrease and a median home price at $93,100. On the other end of the spectrum, Burlington, Vermont saw the biggest increase of 17.6%. Other cities that noticed a significant difference compared to 2009 were Palm Bay-Melbourne-Titusville, Florida with a 15% decrease, Tucson, Arizona noticing a 14.9% decrease, Youngstown, OH with a 14.6% decrease and finally Gulfport-Biloxi, Mississippi with a 14.4% decrease.

According to the article, a logical reasoning for this occurrence is the expiration of the homebuyer tax credit offered in previous years to potential homebuyers. Without the additional incentive to purchase a home, many home owners are keeping a tight watch on their wallets while the US continues to improve from the financial crisis of previous years. With that in mind, there are positive signs that home prices are making a come back and are continually increasing.