SEATTLE-The nation's healthiest housing markets are clustered in California and the rest of the West, according to the newly released Zillow Market Health Index. According to Zillow chief economist Dr. Stan Humphries, “Rapid home value appreciation in the West, particularly California, is currently having a very positive effect on a number of other factors, including negative equity, foreclosure activity and the overall financial health of local homeowners.”
In the recent index, among the country's top 30 largest metro markets covered by Zillow, the five healthiest were San Jose, San Francisco, Los Angeles, San Diego and Denver.
“But that same rapid appreciation may cause affordability issues in the future in these markets, leading to potentially unhealthy conditions in the future," adds Humphries. “The housing market is complex, and while individual statistics can be useful in describing a single aspect of a given market, one number on its own can't tell the full story. As markets continue to evolve and recover, the Market Health Index will reflect these changing trends, offering consumers a valuable tool on which to base their decisions.”
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