Housing is hot in Buffalo Niagara region

[steven]

Suddenly, the Buffalo Niagara region is one of the nation’s hottest housing markets. The median sale prices of homes sold in the Buffalo Niagara region during the first quarter jumped by 5.5 percent to $96,600, the 12th biggest increase among the 149 major metropolitan areas included in a survey released Tuesday by the National Association of Realtors.

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[bornandraised]

Here is the same story from a National source. WNY is in the top 5 in a good way . Rochester is #2 and BUF #5. Syracuse is #4 too. Surprising that 3 out of the top 5 are in NYS.

http://finance.yahoo.com/real-estate...Estate-Markets

10 Fastest-Growing Real Estate Markets
by Money Staff
Tuesday, May 13, 2008
provided by

Yes, even amid the housing crisis, parts of the U.S. are still expected to post price gains in the coming year, according to Money Magazine. Here's where to look.

The housing implosion is nowhere near over. In 75 of the 100 top U.S. cities, prices are expected to fall in the next 12 months according to Fiserv Lending Solutions.

More from CNNMoney.com:

• Gallery: 10 Homes for Sale in Hot Markets

• Money Magazine's Real Estate Survival Guide

• Gallery: 10 Real Estate Markets Set for Steep Losses

The S&P Case/Shiller Home Price Index, which tracks 20 of the largest housing markets, showed prices plummeting by 12.7% in the 12 months ending February. That's the biggest fall since the index began tracking prices in 2000.

Meanwhile, foreclosure filings more than doubled in the first three months of 2008, spiking 112%. So far this year 156,463 families have lost their homes to repossessions. Many markets won't hit bottom till late 2009 or even 2010.

Pity the residents of Stockton, Calif., whose homes are likely to lose more than half of their 2006 value. But if you happen to live in Texas -- or any of the other cities below -- congratulations: The housing tornado passed you by.


1. McAllen, Texas

12-month forecast: 4%
Median home price: $109,000
One year price change: 2.1%
Five year price change: 23.3%
Change in foreclosure rate: 23%

2. Rochester, N.Y.

12-month forecast: 2.7%
Median home price: $121,000
One year price change: 3.4%
Five year price change: 20.1%
Change in foreclosure rate: 5%


3. Birmingham, Alabama

12-month forecast: 2.7%
Median home price: $156,000
One year price change: 2.9%
Five year price change: 29.4%
Change in foreclosure rate: 20%

4. Syracuse, N.Y.

12-month forecast: 2.6%
Median home price: $126,000
One year price change: 0.8%
Five year price change: 29.5%
Change in foreclosure rate: 27%


5. Buffalo/Niagara Falls, N.Y.

12-month forecast: 2.4%
Median home price: $105,000
One year price change: 1.6%
Five year price change: 24.5%
Change in foreclosure rate: 14%

6. New Orleans, La.

12-month forecast: 2.2%
Median home price: $158,000
One year price change: 1%
Five year price change: 43.7%
Change in foreclosure rate: 49%

7. Scranton, P.A.

12-month forecast: 2.2%
Median home price: $128,000
One year price change: 7.2%
Five year price change: 41.1%
Change in foreclosure rate: 8%


8. Grand Rapids, Mich.

12-month forecast: 1.9%
Median home price: $124,000
One year price change: -3%
Five year price change: 8.3%
Change in foreclosure rate: 37%

9. Baton Rouge, La.

12-month forecast: 1.9%
Median home price: $170,000
One year price change: 5.7%
Five year price change: 38.3%
Change in foreclosure rate: 14%


10. El Paso, Texas

12-month forecast: 1.8%
Median home price: $134,000
One year price change: 6.9%
Five year price change: 51.9%
Change in foreclosure rate: 32%

Copyrighted, CNNMoney. All Rights Reserved

[run4it]

I know anecdote does not make proof, but I've noticed that in my neighborhood during the last couple of months at least 6 houses have gone up for sale and then sold within a couple weeks. Can't keep them on the market...