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National Mortgage Professional
Nov 21, 2006

Home price appreciation slowingMortgagePress.comU.S. home price appreciation Veros, a predictive technology software company based in Santa Ana, Calif., has released the results of its quarterly forecasting of the nation's real estate markets, revealing the top 10 hottest and coldest markets for the next 12 months. Veros performs its analysis on a quarterly basis and revealed the results of its most recent forecast for the second quarter of 2006 through first quarter 2007 (04/01/2006-03/30/2007) at the Predictive Methods Conference (PMC 2006) in mid-June. According to Veros, the 10 markets in its coverage area that will see the greatest home price appreciation over the next 12 months along with the expected appreciation rates will be Seattle, 11 percent; San Bernardino County, Calif., nine percent; Jacksonville, Fla., nine percent; Raleigh/Durham, N.C., eight percent; Tampa, eight percent; Tucson, seven percent; Riverside County, Calif., seven percent; Oakland, Calif., seven percent; Los Angeles, seven percent and Nashville, seven percent. The markets that are expected to show the least home price appreciation over the next 12 months are Rochester, N.Y., showing a decrease of four percent; Worcester, Mass., dropping two percent; Sacramento, Calif., falling two percent; Memphis, dropping one percent; Dayton, decreasing one percent; and Grand Rapids, Mich. Boston, Cleveland, Detroit and Fall River, Mass., all showing zero percent home price appreciation. Veros Vice President of Technology Eric Fox presented the material at PMC 2006 in Dana Point, Calif. "We expect some home price appreciation on the hot market side, but nothing compared to what we've seen in the past," said Fox. "There are no 25 percent-plus markets in our projections. Appreciation is slowing way down." As for the coming 12 months, Fox said that we should expect to see less variation in home price appreciation than at any time in the past four years. Even so, some markets are still expected to perform very well, including Washington, D.C. and North Carolina, which both scored relatively well compared to previous years. But even those markets that are expected to do relatively poorly will not depreciate much. The coldest market, Rochester, N.Y., is only expected to fall four percent. While Arizona and Florida, two of last year's hottest markets, should see home price appreciation slow, both markets are expected to be firm over the next 12 months. Even so, Veros considers its current 12-month home price forecast to be an indication of a generally softening U.S. housing market. For more information, visit www.veros.com.
Published
Nov 21, 2006
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