Ten Housing Markets Where Prices Rose During The Recession

Posted: February 4, 2011 at 5:41 am

6. Shreveport-Bossier City, LA Metropolitan Statistical Area

> Change in Home Prices (2005 Q3 – 2010 Q3): 16.4%
> Change in Home Prices (Peak – 2010 Q3): 0.0%
> Prices Reached Peak In: 2010 Q3
> Population (2009): 391,520
> Unemployment (Dec. 2010): 6.6%

Shreveport, LA was once the home of Standard Oil of Louisiana, however a downturn of the gas and oil industry in the 1980s hurt the area’s economy. The city has since reestablished its econo
my with particular focus on industries such as medicine, gaming, tourism, and even film. In 2008, potential for a major resurgence of the natural gas industry arose in the form of the Haynesville Shale, which could turn out to be a major shale gas resource, although it has yet to be fully tapped. In 2010, 0.82% of properties in the Shreveport-Bossier metropolitan area were foreclosed on.

7. Utica-Rome, NY Metropolitan Statistical Area
> Change in Home Prices (2005 Q3 – 2010 Q3): 15%
> Change in Home Prices (Peak – 2010 Q3): 2.2%
> Prices Reached Peak In: 2007 Q1
> Population (2009): 293,280
> Unemployment (Dec. 2010): 8.1%

The median price of homes in the Utica-Rome metropolitan area increased significantly after peaking in the first quarter of 2007. The area also has the lowest foreclosure rate for MSA’s with 200,000 or more residents, with only one in every 2,268 homes (0.04%) foreclosed on in 2010. Utica-Rome is the only MSA on this list that is expected to undergo a further increase in home prices between the third quarter of 2010 and the third quarter of 2011, based on Fiserv data about local employment, foreclosure rates, and unique market trends.

8. Monroe, LA Metropolitan Statistical Area
> Change in Home Prices (2005 Q3 – 2010 Q3): 14.9%
> Change in Home Prices (Peak – 2010 Q3): 0.1%
> Prices Reached Peak In: 2009 Q3
> Population (2009): 174,090
> Unemployment (Dec. 2010): 7.7%

The relatively small Monroe, LA metropolitan are increased average home prices after its original peak in the third quarter of 2009. The area has steadily brought in more people for office and service jobs. Monroe is home to CenturyLink, the eighth-largest telecommunications provider in the nation, which plans to acquire Qwest. The metropolitan area also has a prominent agricultural industry, due to the Ouachita River.

9. Grand Forks, ND-MN Metropolitan Statistical Area
> Change in Home Prices (2005 Q3 – 2010 Q3): 14.5%
> Change in Home Prices (Peak – 2010 Q3): 0.0%
> Prices Reached Peak In: 2010 Q3
> Population (2009): 97,190
> Unemployment (Dec. 2010): 4.3%

Grand Forks’ unemployment rate is less than half of the national average. The principal city’s economy can be divided into many sectors, including agriculture, education, defense, health care, and manufacturing. The economy is growing because of the ever-expanding and diversifying agricultural industry, aiding the area’s housing market.

10. Morgantown, WV Metropolitan Statistical Area
> Change in Home Prices (2005 Q3 – 2010 Q3): 14.3%
> Change in Home Prices (Peak – 2010 Q3): 0.0%
> Prices Reached Peak In: 2010 Q3
> Population (2009): 120,330
> Unemployment (Dec. 2010): 6.5%

Morgantown, WV features a generally healthy economy. In 2009, the MSA and its principal city featured the lowest unemployment rate in the country, although it has since increased some. The area’s leading economic industries are healthcare, education, and government. The economy is also helped by the presence of West Virginia University.

Charles Stockdale & Douglas A. McIntyre

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