Safe Havens
Lancaster, Penn.
Population: 498,465
Median home price: $206,000
12-month change in home value: +1.6%
Affordability index: 3/10
Homes sold this year: 1,166
Home value vs. national average: Same
Top employer: R.R. Donnelly & Sons publishing company
Known as an Amish cultural hub, the city is also home to a diverse group of industries, including printing and food processing. This helps keep the local market stable and unemployment low, as losses in one sector aren't devastating to the overall economy.
Locals say Lancaster is a conservative lending market, which limits foreclosures.
Clarksville, Tenn.
Population: 265,062
Median home price: $130,000
12-month change in home value: +1.4%
Affordability index: 3/10
Homes sold this year: 2,081
Home value vs. national average: -37%
Top employer: Trane Corporation
Clarksville offers an affordable alternative to nearby Nashville but is close enough that residents can enjoy the larger city's attractions.
The housing market is kept active by Clarksville's proximity to Fort Campbell. Traditionally a manufacturing town, the city also offers a robust retail economy, driven in part by Austin Peay State University.
Albuquerque, N.M.
Population: 832,774
Median home price: $172,000
12-month change in home value: +1%
Affordability index: 3/10
Homes sold this year: 7,100
Home value vs. national average: -17%
Top employer: Intel
While other midsize cities have fallen prey to rampant speculation, Albuquerque has hovered below the national real estate radar and largely avoided the subprime mortgage debacle. An influx of tech companies such as Eclipse Aviation, Hewlett Packard and Intel has helped fuel this Southwestern city's economy and attracted a young creative class.
Active retirees and immigrants have also migrated to the area, ensuring a well-rounded housing market. Experts project 9% population growth between 2006 and 2011, compared to 6% nationally.
Burlington, VT
Population: 145,360
Median home price: $250,000
12-month change in home value: +1%
Affordability index: 4/10
Homes sold this year: 592
Home value vs. national average: +21%
Top employer: IBM
On the shores of Lake Champlain, Vermont's largest city focuses on retaining its high standard of living rather than growing its population. Strict zoning standards make homebuilding difficult and discourage speculators.
Burlington's small-town mentality ensures that home lenders maintain personal relationships with their clients and help them stay within their spending means. Technology, health care, and education drive the local market.
Pittsburgh, Penn.
Population: 2,355,712
Median home price: $137,000
12-month change in home value: +.1%
Affordability index: 2/10
Homes sold this year: 7,634
Home value vs. national average: -33%
Top employer: University of Pittsburgh Medical Center
Although Pittsburgh home sales have dipped 16% this year, the properties have retained their value. This "Pittsburgh paradox," as it's called by locals, is attributed to the city's steady population growth and the construction of new, high-value homes.
Despite its reputation as a gritty city of industry and steel, Pittsburgh is now driven by the health care and technology sectors.
Johnson City, Tenn.
Population: 193,554
Median home price: $120,000
12-month change in home value: -.4%
Affordability index: 3/10
Homes sold this year: 1,134
Home value vs. national average: -41%
Top employer: East Tennessee State University
Demand in this Northwest Tennessee city's market is largely driven by East Tennessee State University, as well as new retirees. These "halfbacks" used to spend summer in the north and winter in the south but are now making Tennessee their home year round.
Education, health care and manufacturing provide the bulk of Johnson City's jobs.
Average Market
Washington, D.C.
Population: 5,306,125
Median home price: $388,000
12-month change in home value: -17.1
Affordability index: 4/10
Homes sold this year: 49,013
Home value compared to national average: +47%
Top employer: Federal government, George Washington University
While sales are still high, an overabundance of new homes in the Washington suburbs has lowered values. Northern Virginia's Prince William County is among the hardest hit by the subprime crisis in the country, with 865 foreclosures so far this year -- four times more than neighboring Fairfax County.
Homes in D.C. proper, however, have retained their value. This is because the city has little undeveloped land for new homes to be built, thus preventing speculation.
Worst Market
California Central Valley
12-month change in home values:
Merced: -42.3
Stockton: -40
Salinas: -38.7
Modesto: -37.9
Riverside: -36.8
Vallejo: -34.5
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