29 US cities 'in the clear' from housing crisis

29 US cities 'in the clear' from housing crisis

Twenty-nine US cities have been named as 'in the clear' of the country's housing crisis, according to real estate portal Trulia.

While the site did not list all 29 cities in its report (because of the relatively small price growths made by many of the entries) Denver, San Jose, Pittsburgh, Little Rock, Austin and Colorado Springs were named by the company as areas which had achieved a “solid base for housing recovery“. This was based on these areas increasing year-on-year asking-price growth and the fact that they had a low or moderate share of homes in foreclosure.

The six markets “avoided the worst of the bubble“ according to Jed Kolko, Trulia's chief economist who believes that the secret of these successful cities is a mixture of job growth and new home construction. Denver, which was named the city that had made the best recovery, recorded a 7.2 percent asking-price increase year-over-year in June, according to Trulia's findings. 11.9 out of every 1,000 Denver homes is in foreclosure – as compared to far steeper foreclosure rates in cities like Phoenix (25.5), Miami (33.7), Orlando (29.3) and Detroit (21.2).

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