Phoenix, other areas hit hard by foreclosures lead top turnaround towns

Sitting at the head of Realtor.com’s Top Turnaround Towns for the first quarter of 2012, the Phoenix-Mesa market is one of many areas hit hardest by foreclosures that are now showing signs of recovery. Fellow foreclosure victims Miami and Orlando, Fla., appeared on the list as well, as displayed on Housing Wire.

The Top Turnaround Towns report tracks year-over-year change in home prices, as well as quantity and median age of housing inventory in a given area. Since the first quarter of 2011, home prices in Phoenix have appreciated by 26.94 percent, while inventory levels have fallen by 48.04 percent.

The situation is nearly as good in Miami, thanks to a 24.32 percent increase in home prices. Simultaneously, the first three months of 2012 saw a 48.03 percent decline in inventory, and the median age of homes fell 40.96 percent.

Home prices in Orlando climbed 11.54 percent year-over-year in the first quarter of 2012. Available housing inventory dropped 41.58 percent, and the median age of inventory fell 38.46 percent. In total, seven Florida markets made it onto the latest edition of the list.

Elsewhere around the nation, Oakland and San Jose, Calif., ranked sixth and 24th, respectively, which Realtor.com connects to high activity levels among technology companies in the area.

Detroit sits at No. 23, thanks to a 5.82 percent increase in home prices and a 29.59 percent decrease in for-sale inventory. This is in spite of the city still sporting a 10.2 percent unemployment rate.

To see the rest of the Housing Wire story, click here.