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It's not just the housing market that's heating up this year -- the broader U.S. economy is, too.
According to the National Association of Homebuilders' Improving Market Index (IMI), 103 U.S. markets are experiencing "measurable and sustained growth".
For today's real estate investors, the Improving Market Index may be a reasonable map of markets in which to invest.
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103 "Improving" U.S. Markets
The Improving Market Index is published monthly. It's meant to identify major metropolitan areas in which economic growth is occurring broadly.
To determine whether an area is "improving", the NAHB collates data from three separate series, each from a different division of the government, and each linked to specific economic conditions in an area.
The three data series used are :
- From the Bureau of Labor Statistics, employment data
- From Freddie Mac, change in home prices
- From the Census Bureau, single-family housing construction
In looking at the above data series for each major metropolitan area, the National Association of Homebuilders seems region "improving" if the following two conditions can be satisfied.
First, all three data sets must indicate growth in the current month as compared to the month prior; ?second, at least 6 months have passed since each of the data sets touched their respective "bottoms".
In this way, the Improving Market Index ignores a local economy's temporary blips in favor of longer-term, sustainable growth. Real estate in an "improving" city may outperform real estate in other U.S. cities as a result, all things equal.
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33 States Named In The Improving Market Index
The October Improving Market Index expanded by four cities from the month prior, registering 103 cities overall. 33 states are represented in the IMI, and the District of Columbia is, too.
Notably, 92 metros remained on the IMI list from September and 11 were added. Among those added :
- State College, Pennsylvania
- Oklahoma City, Oklahoma
- Savannah, Georgia
- Santa Cruz, California
- Cincinnati, Ohio
Among the 103 named cities, average employment growth has been +5.7 percent since each town's respective employment troughs. Average home price growth is +4.7 percent from the same.
Seven metros dropped from the October IMI list, including Charlottesville, Virginia; Jacksonville, Florida; and Bend, Oregon.
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Mortgages For Real Estate Investors
For today's real estate investors, there is more to buying a home than just finding property -- there's financing it, too. Thankfully, there are mortgage programs abound for real estate investors.
Specifically, there is the 5-10 Properties Program for investors with more than 4 properties financed; and the Delayed Cash-Out Refinance for homeowners who must pay cash for a home, but want to extract that cash as home equity at a later date. Mortgage rates remain favorable, too.
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Source: http://themortgagereports.com/11380/for-real-estate-investors-103-u-s-metro-areas-deemed-improving
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