The housing market bubble burst seven years ago and dragged a lot of local economies down with it, but the market is inching its way back now and, once again, bringing the local economies along for the ride, says WalletHub, a personal financial website.
Overall, there are many signs of recovery in the economy and real estate, says WalletHub. In the first quarter of this year, 255,000 consumers reported bankruptcies, the lowest quarter since 2006. Foreclosure rates also have dropped to the lowest rate since 2006 and mortgage companies are reporting lower down payments and higher mortgage approval rates for people with average credit scores.
Amid this evidence of steady economic recovery, WalletHub decided to see how the housing market is faring in 25 of the largest metropolitan areas of the United States. The organization considered key factors such as the interest rate on a first mortgage, the percentage of households that received state or local assistance on a first housing loan, and the number of households underwater on mortgages.
So, where should you look if you want to buy a house in an area that has a thriving housing market (although not necessarily the most affordable)? Following are WalletHub’s top 10 picks with some of the reasons the areas are highly rated, with the top choice listed last. The WalletHub report can be found here.
No. 10 Houston
A low rate of home equity loans.