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Salt Lake ranked fourth in 2007 appreciation forecast
December 28, 2006

A new report provides some evidence that buyers waiting on the sidelines may be missing out on opportunities if they wait to buy.

Recently, Fortune, with help from Moody’s Economy.com and Fiserv Lending Solutions, issued a forecast ranking the Salt Lake City metropolitan area No. 4 in the U.S. for 2007 appreciation, saying prices will increase 5.40 percent in 2007 and 1.90 percent in 2008. The only three areas to rank above Salt Lake were McAllen-Mission, Texas (8.5 percent), El Paso, Texas (7.10 percent) and Albuquerque, N.M. (5.90 percent). The report studied the nation’s 100 largest metropolitan areas and found that more than half would experience price increases in 2007.

The results of the Fortune report also show that the areas that largely missed out on the housing boom are the ones least affected by the national slowdown. For example, in the Midwest none of the top metro areas are expected to have price decreases. However, places that experienced huge housing booms — like Las Vegas (which came in second to last) and areas in California, are expected to have some of the largest prices declines in the country.

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