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Barbara Corcoran, founder of the New York real estate firm The Corcoran Group, has come out with the top 5 markets on the verge of recovering from the housing downturn.
Corcoran said on NBC’s Today Show that her list factors included overbuilding, population and job growth, demand from first-time home buyers, vital downtowns, and well-educated populations. She also said she looked for places that had early waves of foreclosures because those places might now be coming out of that cycle.
1. Denver: “…has a vibrant downtown, it has a high employment base, it has educated people, it has youth, [and] it has one of the biggest park systems in the country… It had one of the highest foreclosure rates in the nation for years running, and now they’ve cut that foreclosure rate in half.”
3. Austin, Texas
5. San Francisco
Any cities you would add to this list? Are you skeptical about any of these places?
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.