Over the past several years, the U.S. housing bust affected nearly every corner of the economy. As home prices fell, so did the finances and fortunes of most Americans. But in the highly segmented U.S. housing market some places have faired considerably better than others.
According to data provided by real estate website Zillow.com, since the national pre-recession peak for home prices in June 2006, 10 U.S. metro areas have seen home prices either go up or remain flat—compared to an average drop of 29.5 percent nationwide—over this period. As a result, the proportion of mortgages in these areas with negative equity (underwater mortgages) is significantly lower than the national average, which stands at 28.4 percent.
In several cities listed here, foreclosure re-sales are between 80 percent to 90 percent lower than the national average of 22.9 percent, and all but one city has an unemployment rate below 9 percent. Included in the data is the “Zillow Home Values Index” (ZHVI), which represents the median measure of home valuations covered by Zillow.
Although no place in the U.S. truly escaped the housing bust and the resulting recession, the cities listed here have appreciated by an average of 3 percent, with some doing considerably better.
So, which housing markets were left virtually untouched by the housing bust? Click ahead to find out!
By Paul Toscano
Posted 13 July 2011