Pro Teck Services Ltd., a real estate valuation services company, has released a Home Value Forecast (HVF) Housing Market Report predicting the 10 hottest metro areas nationwide. The forecast is based on activity expected in the single-family home market in October. There is continued vitality in Western states like Washington, Idaho, and Oregon, but another state's housing market stands out above the rest for its recovery since the Recession.
With two metro areas performing in the top 10, Indiana has shown a strong resurgence in market vitality. Elkhart-Goshen, Indiana ranked fourth on the list, and Indianapolis-Carmel-Anderson, Indiana ranked sixth. According to Pro Teck’s report, estimates for the state show prices trending upwards as the market there continues its rebound.
According to Pro Teck, this resurgence is all the more remarkable since an estimated one in 62 Indiana homes in 2009 were somewhere in the foreclosure process. That number has shrunk to just one in more than 4,700 homes. No longer burdened by these foreclosures, Indiana's markets have turned around substantially. Elkhart and Indianapolis, for example, both have shown major improvements in REO sales as a percent of total sales, rising over 50 percent.
Boise, Idaho tops the top-10 list with 4,213 sales expected in October and another 2,021 sales pending. Washington also has a strong showing, with four core-based statistical areas (CBSAs) making the list: Bremerton-Silverdale ranked second and Oak Harbor, Olympia-Turnwater, and Spokane-Spokane Valley ranked eighth, ninth, and tenth, respectively. Eugene, Oregon ranked fifth, and Columbus, Ohio third. Coming in at seventh place was the Minneapolis-St. Paul-Bloomington area in Minnesota and Wisconsin.
Pro Teck’s HVF employs a ranking system based on the directional trends of nine market indicators, with each indicator’s scored based on whether its series trend is positive, negative, or neutral. The metro areas ranked are based on the top 200 CBSAs.