Veros Real Estate solutions did a survey to ascertain if there will be any bounce back in home values in 2011. 
There is a light at the end of the tunnel we have been driving on the past three years but not everywhere.
Smaller metro markets who have populations of less than 250,000 will see some modest gains in home values.
The projected 5 strongest markets for 2011 are:
- San Diego California +3.5%
- Kennewick Washington +3.4%
- Pittsburgh PA +2.7%
- Fargo North Dakota +2.6%
- Washington DC +2.5%
Of course where there is an upside there is also a downside.
Florida will not be faring as well. In fact, Florida is expected once again to see the most depreciation.
California and Nevada follow closely behind. As these states led in foreclosures and took the biggest hits in the
real estate boom and bust, they are also going to be the slowest to recover.
The 5 worst housing markets for 2011 are projected to be:
- Reno Nevada -7.2% decline in home prices
- Orlando Florida -6.5%
- Boise City Idaho -6.4%
- Daytona Beach Florida -6.3%
- Port St Lucie Florida -6.3%
The survey suggests that the best growth will be in the south in Texas, Louisiana and Arkansas.
I get Texas, but have no clue about why Arkansas is projected to grow- no offense to agents who like in Arkansas.
I have been there a few times and just don't see the advantages of living in that muggy inland heat, LOL!
Whether this all is true or not remains to be seen. We
do a lot of short sales in Port St Lucie Florida and the prices are
continuing to fall, we see this every day. The same house we could sell
two years ago for $210,000 is now going for $160,000. Condos that we had
sold for $50,000 are now closing at $42,000. Huge declines there and we
agree, it will continue to drop in 2011 before it steadies. I don't
know that it will bounce back for a long time.
If you are an agent working
in these declining markets print out this report and send it in with
your short sales in these markets.