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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.
New Orleans
Reconstruction continues along the Gulf Coast,
with Richard Moody pointing out that the remaining question is how many residents will actually come back to New Orleans, which posted a 19.1 percent decrease in employment last year. The majority of post-Katrina work so far in the Gulf Coast appears to be geared toward rebuilding infrastructure, notes Moody, instead of focusing on reconstruction of residential properties.
4th quarter 2006:
$162,100
Median price 4th qtr 2005:
$178,700
% change:
-9.3%
Projected avg price end of 2007:
$241,180
Current avg 30-year fixed rate:
5.85%
Current avg 5/1 ARM rate
5.67%
*Affordability rating:
5.9
Foreclosures in Jan. 2006:
(1 for every 12,193 households)
49
Foreclosures in Jan. 2007:
(1 for every 2,872 households)
208
Change in foreclosures:
+324.49%
Current rate comparison:
»
Click here
for state vs national rates
Key market events
Dec. '05
: Median price $178,700
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 9.3% to $162,100
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
4.01%
15 yr fixed mtg
3.11%
5/1 ARM
2.82%
Rates may include points
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Understanding Bankrate's rate averages