40 of the 50 United States recorded POSITIVE appreciation in 2007. That means that 10 of the 50 were the opposite - depreciation. So which states do you think were in the bottom 10? If you have read parts of this blog you can eliminate a few of the top ranking states. And you can also find a few of the lower ranking states. But the list of all has a few that I was surprised at.
According to an 88 page report from the Office of Federal Housing Enterprise Oversight (OFHEO), the bottom ten states or the states with the least apprecitaion are New Jersey, Ohio, New Hampshire, Minnesota, Massachusetts, Arizona, Rhode Island, Michigan, Florida, Nevada, and at the bottom of the list is California. (Actually that's 11 isn't it?)
The data from the OFHEO report has lots of positive information. The list of states and their ranking by appreciation over 2007 is on page 25 of the report. 80% of states had positive appreciation in 2007 according to page 25 of the report. And, of the 291 major cities monitored in the report, 65% had appreciation. Statistics can be used to make any point you want. This report uses a few different set of statistics to show different aspects of the housing market.
US real estate provides one of the best available forms of investment for people looking to grow wealth over the long run.
The report can be found at: http://www.ofheo.gov/media/pdf/4q07hpi.pdf
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Heath Coker, Associate Broker
Robert Paul Properties
www.CapeGroup.com / firstname.lastname@example.org
508-274-5613 Licensed in MA
Its a beautiful day on Cape Cod!
@CapeGroup Skype: heath.coker