Forbes: Denver is America

“While the majority of the nation’e housing markets are still working toward a some cities are boasting fundamentals that make them good placeas to buy ahome now,” Forbes reported this week. Phoenidx was ranked No. 2 on the Forbew list, followed by Boston, San Diego and Los The Forbes rankings seem geared more towardfeach market’s current and futurr potential as a place to buy a home, sincr some of the cities at or near the top of the list are amonbg those hardest hit by the recession. The report rankesd the 25 largest U.S.
metro areas on the basis of change in price persquare foot, frequency of real-estat transactions, and how evenly distributed home-sales activithy is in a metro area. “Denver tops the Forbes said. “It had 25 percent of its property sale s occur within approximately 25 percent ofthe city’sz ZIP codes. This means salesd in various parts of the city were fairlyevenlyu distributed, showing proportionate activity. The further a city deviates from the 25percenf mark, the less evenly distributed the market is in that and thus the lowefr that city ranks.” Forbews also determined that average price per square foot of housingg space increased 5.
7 percent in Denverr between February and March of this year, and that transactiones decreased 8.4 percent betweeh March 2008 and March 2009, less of a drop than many “Denver scores very well in termsw of being able to bring people into a stabld housing market,” the magazine quoted Moody’s economist Christophefr Cornell as saying. “It has better growth potentiaol than mostcities today.” Forbes listed Las Cleveland, Seattle and Detroit at the bottomm of the 25 cities. “There, distressed sales have kept home values down andbuyersd away,” Forbes said.
It’s the second time in as many monthx that Denver has held the top spot in a rankingyof real-estate potential. On May 19, Denver was namexd America’s No. 1 city on the verge of recovery . Real estat expert Barbara Corcoran, a regulart guest on the show, said Denver more than any otherd U.S. city is “clearly on a Forbes drew its data from March 2009 RPX Monthly Housin gMarket Report, distributed by Radar Logic Incorporated, a New York-basesd derivatives firm. .

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