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Real Estate Guide 2007
Analysis by region
National statistics are meaningful, but in real estate "location, location, location" means local trends trump all.
City overview
Select an area:
Albuquerque, N.M.
Atlanta
Bangor, Maine
Billings, Mont.
Birmingham, Ala.
Boise, Idaho
Boston
Cincinnati
Chicago
Denver
Detroit
El Paso, Texas
Kansas City, Mo.
Las Vegas
Little Rock, Ark.
Los Angeles
Minneapolis
Miami/Fort Lauderdale, Fla.
Nashville, Tenn.
Nassau, N.Y.
New Orleans
Oklahoma City
Philadelphia
Raleigh, N.C.
San Francisco
Salt Lake City
Seattle
Syracuse, N.Y.
Tucson, Ariz.
Washington, D.C.
Detroit
Economists agree that this is one of the question mark markets.
Dr. Lawrence Yun says home prices are so affordable that anybody with a job and a good credit history can afford to buy a home, but that's the problem - people are losing jobs. That's causing consumer confidence in automobile-dominated Midwestern cities like Detroit to be among the lowest in the country. Prices have fallen, and single-family construction dropped 43 percent in the past year.
4th quarter 2006:
$154,600
Median price 4th qtr 2005:
$156,200
% change:
-1%
Projected avg price end of 2007:
$147,470
Current avg 30-year fixed rate:
5.83%
Current avg 5/1 ARM rate
5.63%
*Affordability rating:
1.4
Foreclosures in Jan. 2006:
(1 for every 357 households)
2,315
Foreclosures in Jan. 2007:
(1 for every 124 households)
6,653
Change in foreclosures:
+187.39%
Current rate comparison:
»
Click here
for state vs national rates
Key market events
Dec. '05
: Median price $156,200
Jan. '06
: 30-yr fixed rate at year's low 6.10%
June '06
: National median home price $227,100
June '06
: Fed makes last of 17 rate hikes
July '06
: 30-yr fixed rate at year's high 6.80%
Dec. '06
: Median price falls 1% to $154,600
Jan. '07
: National median home price: $210,600
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-- Posted: March 8, 2007
TABLE OF CONTENTS
2007 overview
Analysis by region
30-city forecast
West forecast
Northeast forecast
South sunny
Midwest forecast
What $400,000 buys
National vs. state rates
Top 10 essentials
Take action do's & don'ts
Calculator
Mortgages
Compare today's rates
NATIONAL OVERNIGHT AVERAGES
30 yr fixed mtg
3.65%
15 yr fixed mtg
2.80%
5/1 ARM
2.59%
Rates may include points
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Understanding Bankrate's rate averages