Housing

Ten Housing Markets Where Prices Rose During The Recession

1. Longview, TX Metropolitan Statistical Area
> Change in Home Prices (2005 Q3 – 2010 Q3): 25.9%
> Change in Home Prices (Peak – 2010 Q3): 0.0%


> Prices Reached Peak In: 2010 Q3
> Population (2009): 206,870
> Unemployment (Dec. 2010): 7%

Longview, the principal city of the Longview, TX Metropolitan Statistical Area (MSA), is a growing city thanks to its strong education, healthcare, and manufacturing industries. The city is home to Eastman Chemical, Trinity Rail, and LeTorneau Technologies. The area’s economy is also boosted by the East Texas Oil Field, which has 30,340 historic and active oil wells and includes parts of all three counties in the Longview metropolitan area. The MSA features the thirteenth lowest foreclosure rate in the country for metropolitan areas with 200,000 people or greater – only 0.4% of properties have filed for foreclosures as of the end of 2010.

2. Bismark, ND Metropolitan Statistical Area
> Change in Home Prices (2005 Q3 – 2010 Q3): 19.1%
> Change in Home Prices (Peak – 2010 Q3): 0.0%
> Prices Reached Peak In: 2010 Q3
> Population (2009): 106,290
> Unemployment (Dec. 2010): 3.9%

Bismarck is the capital of North Dakota, and the state’s government is by far the largest employer in the city. Other major employers include the St. Alexius Medical Center, Medcenter One Health Systems, Basin Electric Power Cooperative, and Midwest Motor Express. The Bismarck, ND Metropolitan Statistical Area’s unemployment rate is 3.9%, which is dramatically lower than the national average of 9.4%, although North Dakota generally has the lowest unemployment rate in the country, at 3.8%.

3. Williamsport, PA Metropolitan Statistical Area
> Change in Home Prices (2005 Q3 – 2010 Q3): 18.4%
> Change in Home Prices (Peak – 2010 Q3): 0.0%
> Prices Reached Peak In: 2010 Q3
> Population (2009): 116,840
> Unemployment (Dec. 2010): 8.3%

Williamsport’s economy is largely supported by Avco Corporation, library supplies company Brodart, and vacuum manufacturer Shop-Vac. Recently, hundreds of new natural gas wells have been drilled in the surrounding area, boosting the economy and offering a potentially huge new source for industry. These gas wells also offer incentive for new residents to move to the area.

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4. Altoona, PA Metropolitan Statistical Area
> Change in Home Prices (2005 Q3 – 2010 Q3): 18.3%
> Change in Home Prices (Peak – 2010 Q3): 0.0%
> Prices Reached Peak In: 2010 Q3
> Population (2009): 126,120
> Unemployment (Dec. 2010): 7.2%

Although Altoona has faced some of the industrial decline which has hurt so much of Pennsylvania, it has managed to keep a healthy housing market throughout the recession thanks to the area’s paper manufacturing industry. Unlike the rest of the world, the paper manufacturing industry in the Altoona MSA has consistently grown, employing more people every year. As of 2010 Q3, the median home price had continually increased since the third quarter of 2005.

5. Clarksville, TN-KY Metropolitan Statistical Area
> Change in Home Prices (2005 Q3 – 2010 Q3): 17.1%
> Change in Home Prices (Peak – 2010 Q3): 0.0%
> Prices Reached Peak In: 2010 Q3
> Population (2009): 268,550
> Unemployment (Dec. 2010): 9.9%

Although the Clarksville, TN-KY MSA has an unemployment rate that is greater than the national average, Clarksville, TN, the area’s principal city, is home to a number of major employers. These employers include Trane, SPX Corporation, Convergys Corporation, and Fort Campbell, the United States Army base. Some 1.05% of housing units in the Clarksville MSA had foreclosure filings on them in 2010.