Memphis Tenn. Voted a great city to buy a Home.
10 cities for real-estate stealsBy Luke Mullins of U.S. News & World Report
1. Memphis, Tenn.
Higher home values pushed the price-to-income ratio in Memphis to nearly 5 in the first quarter of 2006 — sharply above its 2.13 average for the 15 years ending in 2003. But the subsequent 17.5% decline in home prices has restored affordability to the market. Through the third quarter of 2009, the price-to-income ratio in Memphis was just 1.17, which is significantly below its 15-year average. But while the Memphis market appears to be stabilizing, prices may not have reached bottom yet, according to Moody's Economy.com. A large number of mortgage delinquencies threaten to bring additional inventory to the market through foreclosure. That, in turn, may drag prices still lower.
1. Memphis, Tenn.
Higher home values pushed the price-to-income ratio in Memphis to nearly 5 in the first quarter of 2006 — sharply above its 2.13 average for the 15 years ending in 2003. But the subsequent 17.5% decline in home prices has restored affordability to the market. Through the third quarter of 2009, the price-to-income ratio in Memphis was just 1.17, which is significantly below its 15-year average. But while the Memphis market appears to be stabilizing, prices may not have reached bottom yet, according to Moody's Economy.com. A large number of mortgage delinquencies threaten to bring additional inventory to the market through foreclosure. That, in turn, may drag prices still lower.
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