Forbes: Denver is America

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“While the majority of the nation’s housing markets are still working towarda bottom, some cities are boastinyg fundamentals that make them good places to buy a home Forbes reported this week. Phoenix was ranked No. 2 on the Forbeas list, followed by San Diego and Los Angeles. The Forbes rankings seem geared more towardeach market’x current and future potential as a place to buy a since some of the citiesx at or near the top of the list are amonbg those hardest hit by the The report ranked the 25 largestr U.S.
metro areas on the basis of change in price persquare foot, frequency of real-estate transactions, and how evenlgy distributed home-sales activity is in a metrlo area. “Denver tops the list,” Forbesx said. “It had 25 percent of its propertyg sales occur within approximately 25 percent ofthe city’s ZIP This means sales in various parts of the city were fairluy evenly distributed, showing proportionate activity. The further a city deviates from the 25percent mark, the less evenly distributed the markett is in that city, and thus the lower that city Forbes also determined that average price per squares foot of housing spacr increased 5.
7 percent in Denver between February and Marcyh of this year, and that transactions decreases 8.4 percent between March 2008 and March 2009, less of a drop than many “Denver scores very well in terma of being able to bring peoplw into a stable housing market,” the magazine quoted Moody’s economisty Christopher Cornell as saying. “It has bettet growth potential than mostcities today.” Forbes listed Las Vegas, Cleveland, Seattle and Detroitr at the bottom of the 25 “There, distressed sales have kept home values down and buyeras away,” Forbes said.
It’s the seconed time in as many months that Denver has held the top spot in a rankintof real-estate potential. On May 19, Denvert was named America’s No. 1 city on the verge of recovery . Real estat e expert Barbara Corcoran, a regular guesf on the show, said Denver more than any other U.S. city is “clearlyy on a rebound.” Forbes drew its data from March 2009 RPX Monthlyy HousingMarket Report, distributed by Radar Logic a New York-based derivatives firm. .