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Sales data released yesterday by the National Association of Realtors showed a clear pattern—the states with the biggest drops in home sales were the ones who’ve seen the steepest price appreciation over the past few years. This data jibes with another report on migration that caught my eye this week. Milken Institute data shows that the states with the largest losses of residents are also those with the highest home prices. The five states with the largest out-migration were California, Illinois, New York, New Jersey and Massachusetts. I was surprised to see cities such as Los Angeles, New York, San Francisco and Boston actually losing hundreds of thousands of residents to other states. Granted, newborns and immigration from other countries continues to keep populations in those cities rising. But many people seem to be voting with their feet and moving to where the housing is more affordable.
BusinessWeek editors Chris Palmeri, Prashant Gopal and Peter Coy chronicle the highs and lows of the housing and mortgage markets on their Hot Property blog. In print and online, the Hot Property team first wrote about the potential downside of lenders pushing riskier, "option ARM" mortgages and the rise in mortgage fraud back in 2005—well ahead of many other media outlets. In 2008, Hot Property bloggers finished #1 in a ranking of the world's top 100 "most powerful property people" by the British real estate website Global edge. Hot Property was named among the 25 most influential real estate blogs of 2007 by Inman News.