The Leading Index of Healthy Housing Markets
ranks markets using data on employment, mortgages and demographics with anything over 100 showing strength and the United States is currently it is at 109.8.
reported that Nationwide’s analysis predicted the downturn towards the end of the last decade in 2005, ahead of most others. The firm expects growth this year to be moderate with some markets deemed to be at unsustainable levels of price increases.
Other results from the report include:
- The Top 10 MSAs in the initial index are in order: Pittsburgh; Cleveland-Elyria; Philadelphia; Rockford, Ill; Burlington, N.C.; Scranton-Wilkes-Barre, Pa; Fayetteville-Springdale, Ark.-Mo; Idaho Falls, Idaho; Tulsa, Okla.; and Kennewick-Richland, Wash.
- The Bottom 10 MSAs in order are: Bismarck, N.D.; Atlantic City-Hammonton, N.J.; New Orleans-Metairie; Lafayette, La; Casper, Wyo; Ocean City, N.J.; Austin-Round Rock; Monroe, La.; Dallas-Plano-Irving; and Houston, Texas.
- Showing the most improvement in the past year were in order: Elmira, N.Y.; Ithaca, N.Y.; Erie, Pa.; Decatur, Ill.; Johnstown, Pa.; Danville, Ill.; Bowling Green, Ky.; Flint, Mich.; Clarkston, Tenn.; and Anniston-Oxford, Ala.
- Weakening the most in the past year in order were: Bismarck, N.D.; Bellingham, Wash.; Roanoke, Va.; Bloomington, Ind; Atlantic City-Hammonton, N.J.; Rapid City, S.D.; Wheeling, W.V.; Gainesville, Fla.; Waterloo-Cedar Falls, Iowa; and Ocean City, N.J.
A report by Ohio-based Nationwide Insurance concluded that the U.S. housing market is in its best shape since 2001 and talks of a bubble are unfounded.