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Daily Real Estate News  |  November 19, 2007  |   10 Parts of the Country Where Values Are Rising
The soft real estate market hasn't reached every city and region of the country, says a report by Forbes magazine. There are many areas where the job market is robust, apartment vacancy rates are low, and property values are rising.

The fastest growing markets are those with above-average job growth, Forbes says. Technology has been a driver in booming real estate markets like Spokane, Wash., and Salem, Ore. Sales and service sector jobs are revving up growth in Allentown, Pa.

Warm weather is a factor as well. Americans are increasingly giving quality-of-life factors high priority in their decisions about where to live, and warm weather is a big plus. University of Pennsylvania Wharton business school professors Albert Saiz and Peter Linneman name the I-85 corridor between Raleigh, N.C., and Atlanta as having the greatest potential for future growth because of its long stretches of good weather.

Here are the top 10 cities where home prices are bucking the downward trend, the median home price and how much prices have risen in the last year.
  • Salt Lake City, Utah; $233,100; 21.9 percent
  • Binghamton, N.Y.; $111,200; 19.8 percent
  • Salem, Ore.; $227,900; 16.7 percent
  • Farmington, N.M.; $201,900; 14.0 percent
  • Allentown-Bethlehem-Easton, Pa.-N.J.; $274,500; 12.8 percent
  • Beaumont-Port Arthur, Texas; $127,700; 11.8 percent
  • Reading, Pa.; $157,800; 11.2 percent
  • Glens Falls, N.Y.; $175,700; 10.7 percent
  • Spokane, Wash.; $197,700; 10.4 percent
  • Cumberland, Md.-W.Va.; $109,300; 9.3 percent

Source: Forbes, Deborah Ore (11/08/2007)

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