Just a few years ago, when foreclosures were coming fast and furious, some cities experienced more than their fair share of the pain. It stood to reason that the harder hit a city was, the less likely it was to make a hasty recovery. However, according to Realtor.com, the official site of the National Association of Realtors, some of the cities whose housing markets bore the brunt of the foreclosures are now leading the way toward recovery.
Using data from Realtor.com, CNBC.com ranks the cities with the most dramatically recovered housing sectors. The list weighs year-over-year data from the fourth quarter of 2011 and the fourth quarter of 2010, such as median price appreciation, median age of inventory, inventory reduction rates and unemployment rates, as measured by the Bureau of Labor Statistics in November 2011. Realtor.com also sought the perspective of real estate agents, who work on the front lines of the markets that are experiencing turnarounds. Their insights are included here. Click ahead to see which American cities made this year’s list of the top 10 turnaround towns.
By Daniel Bukszpan
Posted 09 February 2012