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24/7 Wall St.: The 10 States with the Strongest Housing Markets

7. Florida

1 yr. home price change: +6.6%
Median home price: $236,000
Unemployment rate: 8.8% (12th highest)

One of states most brutally damaged by the wreck of the housing market bubble, Florida’s home prices dropped 48.4% from the first quarter of 2007 to the first quarter of this year. Only Arizona, Nevada and California are even in that league. The problem arose from a combination of overbuilding and high unemployment, which was created to some extend by the drop in home construction jobs. The recovery of the state housing market is uneven at best. RealtyTrac reports that Florida’s foreclosure rate in July of one in every 352 housing units ranked third among all states. Florida’s recovery in terms of home prices is expected to be poor short-term, but substantially improved longer term. The improvement in price from the first quarter of 2013 to the first quarter of 2014 is expected to be a tepid 1.8%, putting it 45th among all states. However, from the first quarter of this year until the first quarter of 2017, the improvement on an annualized basis is forecast at 4.2%, which is 11th highest among all states.

(iStock Photo)

More From 24/7 Wall St.:
America’s 10 Disappearing Jobs
Cities with the Most Homes in Foreclosure
American Cities Adding the Most Jobs



The opinions expressed are solely those of the author and do not necessarily reflect the views of Comcast.

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