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Boise Among Top 10 Turnaround Housing Markets

Cities hardest hit by the foreclosure crisis are among some of the cities leading a housing recovery, Move Inc. reports in its Top Turnaround Town Report for May.

Move Inc. compiled a list of “Top Turnaround Towns” for this month, using year-over-year housing data from the first quarters of 2012 and 2011. Many of the cities in the top 25 that have seen the biggest boosts in price appreciation are also seeing a big drop to inventories of homes for-sale. Some of the states that suffered the worst of the foreclosure crisis — such as Florida, Arizona, and California — have cities represented on the list, and are showing some of the biggest signs of recovery.

The following are the top 10 turnaround markets, according to Move Inc.’s report from May (including the year-over-year median list price increases).

  1. Phoenix-Mesa, Ariz.
    Median list price increase from Q1 2011 to Q1 2012: +26.94%
  2. Miami, Fla.
    Median list price increase from Q1 2011 to Q1 2012: +24.32%
  3. Orlando, Fla.
    Median list price increase from Q1 2011 to Q1 2012: +11.54%
  4. Boise City, Idaho
    Median list price increase from Q1 2011 to Q1 2012: +17.53%
  5. Naples, Fla.
    Median list price increase from Q1 2011 to Q1 2012: +14.34%
  6. Oakland, Calif.
    Median list price increase from Q1 2011 to Q1 2012: +7.07%
  7. Fort Myers-Cape Coral, Fla.
    Median list price increase from Q1 2011 to Q1 2012: +18.27%
  8. Lakeland-Winter Haven, Fla.
    Median list price increase from Q1 2011 to Q1 2012: +12.95%
  9. Sarasota-Bradenton, Fla.
    Median list price increase from Q1 2011 to Q1 2012: +12.56%
  10. Tampa-St. Petersburg-Clearwater, Fla.
    Median list price increase from Q1 2011 to Q1 2012: +11.92%

Boise is the only city represented on this list from a state other than Florida, California, and Arizona. We are showing signs of a rebounding market with encouraging indicators for future stability. We had fewer houses on the market in Q1 2012 than at the same time last year, which may have contributed to higher demand and a housing market that moved 23.60% faster in Q1 2012 compared to the same quarter last year. Boise’s year over year inventory declined by -36.87%, which is the 12th best improvement tracked by Realtor.com. Only 1 in every 519 homes fell into foreclosure in Ada County, contributing to the area’s stabilization of inventory.

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