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Thursday, May 31, 2007

Regional house prices defy national trends

Source: http://www.ofheo.gov/media/pdf/1q07hpi.pdf

 

·          Office of Federal Housing Enterprise Oversight (OFHEO) House Price Index is published on a quarterly basis and tracks average house price changes in repeat sales or refinancings of the same single-family properties.

 

·          OFHEO’s index is based on analysis of data obtained from Fannie Mae and Freddie Mac from more than 32 million repeat transactions over the past 32 years.

 

Highlights:

 

·          Prices fell over the most recent four-quarters in two states—Michigan and Massachusetts.

 

·          Prices fell in the latest quarter in seven states — California, Florida, Maine, Massachusetts, Michigan, Nevada, and West Virginia.

 

·          Florida is experiencing noticeable deceleration with a four-quarter appreciation rate of 4.3 percent (between the first quarter of 2006 and the first quarter of 2007), its lowest since the 1998Q4-1999Q4 period. Thirteen of the 18 Florida cities on the list of ranked MSAs experienced price declines between the fourth quarter of 2006 and the first quarter of 2007.

 

·          Twenty-two of the 26 California cities on OFHEO’s “ranked” list experienced price declines between the fourth quarter of 2006 and the first quarter of 2007.

 

 

Regional comparison of major metros:

 

National Average                                                         4.3%

Kingsport-Bristol, TN-VA                                               5.28%

Atlanta, GA                                                                   4.01%

Columbia, SC                                                               5.39%

Spartanburg, SC                                                          2.11%

Greenville-Mauldin-Easley, SC                                      6.77%

Raleigh-Cary, NC                                                          6.42%

Winston-Salem, NC                                                      4.35%

Greensboro-High Point, NC                                          3.98%

Charlotte, NC                                                               8.47%

Huntsville, AL                                                               8.62%

Roanoke, VA                                                                9.13%

Knoxville, TN                                                                7.15%

Chattanooga, TN                                                         6.41%

Anderson, SC                                                               5.22%

Hickory, NC                                                                  4.89%

 

Which major metros are declining?

 

Punta Gorda, FL                                                           -4.57%

Sacramento-Arden-Arcade-Roseville, CA                      -4.41

Modesto, CA                                                                -4.38

Merced, CA                                                                   -4.19

Reno-Sparks, NV                                                          -3.97

Stockton, CA                                                                -3.97

Santa Barbara-Santa Maria-Goleta, CA                        -3.92

Santa Rosa-Petaluma, CA                                            -3.63

Yuba City, CA                                                               -3.20

San Luis Obispo-Paso Robles, CA                                -3.15

Bay City, MI                                                                  -3.12

Salinas, CA                                                                   -3.12

Detroit-Livonia-Dearborn, MI                                       -2.99

Santa Cruz-Watsonville, CA                                         -2.43

Flint, MI                                                                        -2.28

Cape Coral-Fort Myers, FL                                           -2.17

West Palm Beach-Boca Raton-Boynton Beach, FL        -2.16

Oxnard-Thousand Oaks-Ventura, CA                           -2.08

Palm Bay-Melbourne-Titusville, FL                                -2.07

San Diego-Carlsbad-San Marcos, CA                           -1.93

Fort Walton Beach-Crestview-Destin, FL                     -1.85

Sarasota-Bradenton-Venice, FL                                   -1.77

Warren-Troy-Farmington Hills, MI                                -1.76

Vallejo-Fairfield, CA                                                      -1.75

Redding, CA                                                                 -1.58

Greeley, CO                                                                 -1.56

Appleton, WI                                                                -1.41

Kokomo, IN                                                                  -1.38

Boston-Quincy, MA                                                       -1.32

Napa, CA                                                                      -1.21

Worcester, MA                                                             -1.10

Lima, OH                                                                      -0.99

Saginaw-Saginaw Township North, MI                        -0.95

Port St. Lucie, FL                                                          -0.92

Chico, CA                                                                     -0.92

Oakland-Fremont-Hayward, CA                                   -0.90

Naples-Marco Island, FL                                               -0.79

Springfield, OH                                                             -0.69

Peabody, MA                                                                -0.63

Anderson, IN                                                                -0.60

Akron, OH                                                                    -0.50

Cambridge-Newton-Framingham, MA                           -0.50

Barnstable Town, MA                                                   -0.40

Cleveland-Elmyra-Mentor, OH                                      -0.31

Muskegon-North Shores, MI                                        -0.24

Jackson, MI                                                                  -0.18

 

Which markets are overheating? 1-year house price appreciation:

 

Wenatchee, WA                                                           25.60%           

Provo-Orem, UT                                                           19.67

Salt Lake City, UT                                                         19.12

Grand Junction, CO                                                      16.82

Ogden-Clearfield, UT                                                    15.70

Gulfport-Biloxi, MS                                                        15.16

Myrtle Beach-Conway-North Myrtle Beach, SC             14.87

Boise City-Nampa, ID                                                   14.54

Corvallis, OR                                                                13.87

Bend, OR                                                                      13.67

Spokane, WA                                                               13.64

Asheville, NC                                                                13.57

Salem, OR                                                                    13.44

Longview, WA                                                              12.89

Las Cruces, NM                                                            12.62

Seattle-Bellevue-Everett, WA                                     12.56

Albuquerque, NM                                                         12.18

Wilmington, NC                                                            12.14

Tacoma, WA                                                                 11.90

Fayetteville, NC                                                            11.71

 

 

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For archival posts, use search feature at www.jefffleming.blogspot.com

 

www.MoveToKingsport.com

 

Links:

*Downtown Kingsport www.downtownkingsport.org

*City of Kingsport www.kingsportdevelopmentservices.com

*Small Business www.kingsportchamber.org/kedp/sbSmBusSuprt.htm

*Kingsport-Bristol-Sullivan County www.networkstn.com

*Tri-Cities Region www.tricitiesedalliance.com

*State of Tennessee www.state.tn.us/ecd

*Tri-Cities Regional Airport, Air Cargo & Foreign Trade Zone www.triflight.com

 

 

Fly the TRI...hot summer airfares from Kayak.com

There are some great deals from Tri-Cities (TRI) right now!  Recently, a local developer shared this website with me www.kayak.com.  Happy travels! - Jeff

 

If you choose to drive to Knoxville or Asheville, you should add 48.5 cents per mile (the current Federal mileage reimbursement rate) x both ways.  Of course it will vary by your exact point of origin in the Tri-Cities region.

 

On average….

 

Knoxville TYS is 112 miles from TRI, so add $108 to your total cost of travel

Asheville AVL is 89 miles from TRI, so add $86 to your total cost of travel

 

=============================================

 

Also, consider these unusual, but competitive comparisons:

 

If you’re flying to Chicago…you could drive 112 miles to Knoxville for a $169 fare….or….you could fly directly from TRI to Milwaukee for $199, then drive 85 miles to Downtown Chicago

 

If you’re flying to New York….you could drive 112 miles to Knoxville for a $293 fare to Newark….or….you could fly from TRI to Philadelphia, then drive 102 miles to Midtown Manhattan

 

If you’re flying to Washington….you could drive 89 miles to Asheville for a $200 fare….or….you could fly from TRI to Richmond for $198, then drive 89 miles to the Northern Virginia suburbs

 

==============================================

 

Tri-Cities (TRI) Top Ten

 

$145 Orlando (MCO)  Jul 5-Jul 9 US Airways

$193 Pittsburgh (PIT) Jun 8-Jun 10 Delta

$198 Philadelphia (PHL) Jun 12-Jun 19 Northwest

$198 Providence, RI (PVD) Jun 23-Jun 27 Northwest

$198 Richmond, VA (RIC) Jun 12-Jun 13 Northwest

$199 Milwaukee Sep 28-Sep 30 US Airways

$241 Detroit (DTW) Jun 22-Jun 25 US Airways

$312 New Orleans (MSY) Jun 14-Jun 17 Northwest

$324 Fort Lauderdale (FLL) Jun 20-24 US Airways

$342 Tampa (TPA) Jun 7-Jun 11 US Airways

 

Asheville (AVL) Top Ten (add $86 roundtrip for gas/vehicle)

 

$195 Manchester, NH (MHT) Aug 31-Sep 6 US Airways

$197 Boston (BOS) Jul 23-Aug 14 US Airways

$198 Norfolk (ORF) Jun 27-Jul 11 Northwest

$200 Washington (DCA) Jul 14-Jul 16 Northwest

$200 Windsor Locks, CT (BDL) Aug 7-Aug 20 BDL

$200 Washington (IAD) Jun 30-Jul 2 Delta

$202 Philadelphia (PHL) Jun 6-Jun 13 US Airways

$252 Detroit (DTW) Sep 14-Sep 16 Northwest

$272 Houston (IAH) Jun 23-Aug 14 US Airways

 

Knoxville (TYS) Top Ten (add $108 roundtrip for gas/vehicle)

 

$169 Chicago (ORD) Jul 12-Jul 15 American

$190 Chicago (MDW) Jul 12-Jul 15 Northwest

$191 Los Angeles (LAX) Jun 8-Jun 11 Northwest

$197 Minneapolis (MSP) Jul 25-Jul 31 US Airways

$200 Philadelphia (PHL) Jun 22-Jun 25 Northwest

$278 Tampa (TPA) Jul 22-Jul 25 American

$280 Windsor Locks, CT (BDL) Jun 13-Jun 17

$293 Newark (EWR) Jun 15-Jun 17 US Airways

$302 Valparaiso, FL (VPS) Jun 14-Jun 17 Northwest

$310 Boston (BOS) Jun 14-Jun 17 Northwest

 

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Community e-news sponsored by Charter High Speed Internet www.charter.com

 

To subscribe or unsubscribe, write to jeff_fleming@earthlink.net

 

For archival posts, use search feature at www.jefffleming.blogspot.com

 

www.MoveToKingsport.com

 

Links:

*Downtown Kingsport www.downtownkingsport.org

*City of Kingsport www.kingsportdevelopmentservices.com

*Small Business www.kingsportchamber.org/kedp/sbSmBusSuprt.htm

*Kingsport-Bristol-Sullivan County www.networkstn.com

*Tri-Cities Region www.tricitiesedalliance.com

*State of Tennessee www.state.tn.us/ecd

*Tri-Cities Regional Airport, Air Cargo & Foreign Trade Zone www.triflight.com

 

 

Kingsport is located on the Tennessee-Virginia border at the crossroads of I-81 and I-26 near the geographic center of the Eastern U.S. This city of 50,000 in a metro of 308,000, was planned by renowned American planner John Nolen in his office at Harvard Square. Located in the lush green foothills of the Tennessee Valley, it is surrounded by the Southern Highlands and mountain lakes. Kingsport is home to Marriott’s www.MeadowViewResort.com and thousands of acres of unique, natural amenities at Bays Mountain and Warriors Path Parks. The natural geography provides a temperate, well-balanced climate with four seasons and a natural shelter from extreme weather. Population growth has also been well-balanced, ensuring you will not outgrow your decision to relocate. With no personal property taxes, special assessments, or state income taxes on salaries/wages, you’ll find that Kingsport has a very low cost of living coupled with an exceptionally high quality of life (see for yourself at www.BestPlaces.net). The regional airport (TRI) has direct flights to Atlanta, Charlotte, Orlando and St. Pete/Clearwater with easy access, parking, and virtually no security lines. The public education system was planned by Columbia University and Newsweek has repeatedly recognized the local high school as one of the best in America. Year in and year out our graduates go on to the top colleges and universities (and without costly private school tuition fees). Harvard also recognized Kingsport in 2009 with the Innovations in American Government Award for its higher education initiative. What are you waiting for? It’s time to leave the high costs, traffic jams, and stress behind and discover this hidden gem.