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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
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Birmingham, Ala.
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Steel icon Vulcan towers over this city, which sneaks in as the last of the top 10 in Fortune's list of housing markets projected to rise, with an expected 4.4 percent increase this year and 3.5 percent next year. It has record-high construction levels and moderate increases in prices that are still below the national average. All sounds good except foreclosures skyrocketed over the past year.
4th quarter 2006: $161,700
Median price 4th qtr 2005: $160,800
% change: -0.6%
Projected avg price end of 2007: $195,330
Current avg 30-year fixed rate: 5.81%
Current avg 5/1 ARM rate 5.62%
*Affordability rating: 5.1
Foreclosures in Jan. 2006:
(1 for every 10,046 households)
42
Foreclosures in Jan. 2007:
(1 for every 1,314 households)
321
Change in foreclosures: +664.29%
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Current rate comparison:
» Click here for state vs national rates
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Key market events
 
Key market map
Dec. '05: Median price $160,800
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 rises 0.6% to $161,700
Jan. '07: National median home price: $210,600
-- Posted: March 8, 2007


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Mortgages
Compare today's rates
NATIONAL OVERNIGHT AVERAGES
30 yr fixed mtg 3.98%
15 yr fixed mtg 3.04%
5/1 ARM 3.30%
Rates may include points
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