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10 Cities Virtually Untouched by the Housing Bust

10 Cities Untouched by the Bust

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 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%
Photo: Jupiterimages | Workbook Stock | Getty Images

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

10. Greenville, S.C.

Change from national peak: -2.1% Current ZHVI : $126,400 Year-over-year change: -5.10%Underwater mortgages: 6.7% below. Foreclosure re-sales: 1% below
Photo: Harrison Shull | Aurora | Getty Images

Change from national peak: -2.1%
Current ZHVI : $126,400
Year-over-year change: -5.10%

Comparison to National Average
Underwater mortgages: 6.7% below.
Foreclosure re-sales: 1% below

9. Knoxville, Tenn.

Change from national peak: -2.1% Current ZHVI: $133,600 Year-over-year change: -2.5% Underwater mortgages: 16.9% below Foreclosure re-sales: 25.9% below
Photo: Wikimedia Commons

Change from national peak: -2.1%
Current ZHVI: $133,600
Year-over-year change: -2.5%

Comparison to National Average
Underwater mortgages: 16.9% below
Foreclosure re-sales: 25.9% below

8. Durham, N.C.

Change from national peak: +0.5% Current ZHVI: $170,100 Year-over-year change: -4% Underwater mortgages: 32% below Foreclosure re-sales: N/A
Photo: Wikimedia Commons

Change from national peak: +0.5%
Current ZHVI: $170,100
Year-over-year change: -4%

Comparison to National Average
Underwater mortgages: 32% below
Foreclosure re-sales: N/A

7. Rochester, N.Y.

Change from national peak: +0.7% Current ZHVI: $118,200 Year-over-year change: -2.8% Underwater mortgages: 50% below Foreclosure re-sales: 77.6% below
Photo: Richard Cummins |Robert Harding World Imagery | Getty Images

Change from national peak: +0.7%
Current ZHVI: $118,200
Year-over-year change: -2.8%

Comparison to National Average
Underwater mortgages: 50% below
Foreclosure re-sales: 77.6% below

6. Pittsburgh

Change from national peak: +1.1% Current ZHVI: $110,100 Year-over-year change: +3% Underwater mortgages: 35.9% below Foreclosure re-sales: 50.9% below

Change from national peak: +1.1%
Current ZHVI: $110,100
Year-over-year change: +3%

Comparison to National Average
Underwater mortgages: 35.9% below
Foreclosure re-sales: 50.9% below

5. Yakima, Wash.

Change from national peak: +2.1% Current ZHVI: $130,100 Year-over-year change: -5.70% Underwater mortgages: 35.9% below Foreclosure re-sales: 50.9% below
Photo: AirLiner | Getty Images

Change from national peak: +2.1%
Current ZHVI: $130,100
Year-over-year change: -5.70%

Comparison to National Average
Underwater mortgages: 35.9% below
Foreclosure re-sales: 50.9% below

4. Little Rock, Arkansas

Change from national peak: +2.6% Current ZHVI: $123,300 Year-over-year change: -2.70% Underwater mortgages: 27.5% below Foreclosure re-sales: 65% below
Photo: SuperStock | Getty Images

Change from national peak: +2.6%
Current ZHVI: $123,300
Year-over-year change: -2.70%

Comparison to National Average
Underwater mortgages: 27.5% below
Foreclosure re-sales: 65% below

3. Tulsa, Okla.

Change from national peak: +6.2% Current ZHVI: $107,400 Year-over-year change: -7.3% Underwater mortgages: 42.9% below Foreclosure re-sales: 87.2% below
Photo: Alan Copson | Getty Images

Change from national peak: +6.2%
Current ZHVI: $107,400
Year-over-year change: -7.3%

Comparison to National Average
Underwater mortgages: 42.9% below
Foreclosure re-sales: 87.2% below

2. Oklahoma City

Change from U.S. peak (2006): +9.4% Current ZHVI: $111,400 Year-over-year change: -4.4% Underwater mortgages: 30.9% below Foreclosure re-sales: 85.9% below
Photo: Jeremy Woodhouse | The Image Bank | Getty Images

Change from U.S. peak (2006): +9.4%
Current ZHVI: $111,400
Year-over-year change: -4.4%

Comparison to National Average
Underwater mortgages: 30.9% below
Foreclosure re-sales: 85.9% below

1. Fayetteville, N.C.

Change from U.S. peak (2006): +11.6% Current ZHVI: $113,600 Year-over-year change: -2.8% Underwater mortgages: 27.8% below Foreclosure re-sales: 46.3% below
Photo: KMayner78 | Wikimedia Commons

Change from U.S. peak (2006): +11.6%
Current ZHVI: $113,600
Year-over-year change: -2.8%

Comparison to National Average
Underwater mortgages: 27.8% below
Foreclosure re-sales: 46.3% below