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30 Cities IN THE CLEAR

According to a new report from Trulia nearly 30 cities have been designated aœin the cleara and should be recovering from the Great Housing Bust.

Low foreclosure rates and an increase in asking prices of at least 4% were qualifiers to be considered in the clear. Or as Trulia€™s chief economist Jed Kolko said, aœsolid base for housing recoverya.

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Kolko continued,

aœWe defined (a˜in the cleara™) as metros with positive year-on-year asking-price growth and a low or moderate share of homes in foreclosure. In all, that includes 29 metros,a Kolko added, aœbut we didna™t list them all out because some have only very slightly price growth. Best to focus on those six.a

The big six aœin the clear markets avoided the worst of the bubble,a Kolko said. Amid the mortgage crisis, aœthose metros didna™t have big price declines that we saw in Miami, Phoenix and Detroit a“ places that still have a lot of homes left in foreclosures.a

Some aœin the cleara cities also are enjoying robust, new-home construction, Kolko added. aœBut the main driver in those markets is job growth.a

The critical element for a true long term housing recovery comes down to one thing: Jobs. The housing market will not fully recover until the unemployment rate reverses direction and folks feel confident enough to commit to a home purchase.

At the top of Trulia€™s list:

San Jose

Pittsburgh

Denver, 7.2 percent asking-price increase year-over-year in June.

Miami (up 16.1 percent in asking price during June year-over-year)

Phoenix (up 18.9 percent)

Orlando

West Palm Beach

Cape Coral, Fla.

Fort Myers, Fla.

Warren-Troy-Farmington Hills, Mich

This next bit is critical for agents to understand: Kolko warned that price gains could reverse as foreclosed homes in those areas come onto the market.

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Worth stating again, JOBS and EMPLOYMENT = Housing Recovery.

aœThat means (those markets) are not just dependent on investors,a Kolko said. aœPeople are moving there for jobs. Developers are betting on the future by resuming construction.a

Agents, what are you seeing in YOUR marketa¦is YOUR marketa¦a™In The Cleara™?

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