SmartMoney.com released this article on Yahoo this week. The article didn't have sunny news for the majority of the nation, but it did tout 5 markets that are expected to fair well in 2010. The predictions are based on data provided by Moody's economy and list the following cities: Tacoma, Washington, Memphis, Tennessee, Pittsburgh, Charleston, SC and Seattle.
Charleston, SC was chosen as one of the 5 real estate markets to fair best in 2010!
The author did state several factors that would play into the nation's real estate recovery, primarily, the labor market, a backlog of foreclosures, and a 2nd wave of adjustable rate mortgages (ARMs) which will reset this year. The author pointed out that the one thing in common that the 5 markets expected to fare best in 2010 had in common was that each started with a limited supply of housing inventory and prices stayed in sync with family incomes.
Each market is local and for the Charleston, SC market, other local factors cited were our diverse economic base that allowed the local economy to be more stable and Boeing's local impact of investing in a 2nd plant in Charleston which will create job growth. While Moody's only predicts a 0.18% increase in home prices which doesn't seem like a lot, it's better than double digit numbers in the red.
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