News:  Salem's housing market makes Forbs's top 10

Aug 17, 2009

click to enlarge

By TRACY LOEW Statesman Journal

Salem is among the top 5 cities in the nation for a housing turnaround, according to a new ranking from Forbes.

The magazine last week ranked Salem No. 4 on its "Best Cities For A Housing Recovery" list.

"I think this is just a recognition of the fact that the market probably overreacted," said Byron Hendricks, the president Prudential Real Estate Professionals.

"Certainly the first-time homebuyer tax credit is working, and people are realizing there are just some tremendous values out there."

In compiling its list, Forbes looked at online housing data from 161 of the nation's largest
metropolitan statistical areas. It picked areas with increased transactions and relatively low foreclosures.

In Salem, sales activity is up 3 percent year over year, and a relatively low 14 percent of
transactions are foreclosure resales.

Most of the activity locally is in homes priced less than $200,000, said Gladys Blum, of the Gladys Blum Group in Salem.

"There's still a ton of standing inventory over $300,000 and not a lot of activity there," Blum said. "Hopefully it will trickle up."

Miami-Ft. Lauderdale, Fla., ranked No. 1 on the Forbes list.