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Phoenix is a poster child for the housing recession. Home values have fallen a whopping 54 percent since the peak of market. Currently, the metro is still working through high levels of foreclosure inventory; foreclosure re-sales made up 28 percent of all sales in April. This is actually good news, because it signals that investors are coming in droves to scoop up homes. All of this investor activity is starting to boost home values. Not only are Phoenix home values up, Zillow forecasts them to rise 6.5 percent this year. "Phoenix is probably the best example of a hard-hit market that is showing signs of recovery," according to Stan Humphries, Zillow's chief economist.
4818 W Gwen St, Laveen, AZ 85339 (below)
For sale: $150,000
No need to worry about the grass growing or dying from the intense Arizona heat in this home. The huge backyard contains artificial grass, plus has a built-in spa, barbecue surround and fireplace. There's plenty of space inside, too, with 3,317 square feet of living space, including 4 beds and 3 baths. It just recently underwent a price cut of $15,000.
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Home values in Pittsburgh have been rising for the past year, making it one of the better performing markets in the country. In fact, 87 percent of homes there sold for a gain in April - the highest rate in the country.
1216 Ingham St, Pittsburgh, PA 15212 (below)
For sale: $119,900
It might be circa 1929, but this grand, old home on a tree-lined street has been freshened up with new paint and updated with new windows, doors, tile and hardwood floors, glass block and back splash, also a new roof and garage.
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Oklahoma City, OK
Home values rose 4.9 percent in Oklahoma City this past year and the unemployment rate is one of the lowest on our list at 5.1 percent and falling. While some markets on our list represent markets that are showing signs of life after suffering from years of falling home values, Oklahoma City stands out as a beacon of stability, 80 percent of homes in April sold for a gain.