According to a recent national study by MSNBC, Miami ranks as the #1 Top Turnaround city. What exactly does this mean? all eyes ore on Florida
The list weighs year-over-year data from the fourth quarter of 2011 and the fourth quarter of 2010, such as median price appreciation, median age of inventory, inventory reduction rates and unemployment rates, as measured by the Bureau of Labor Statistics in November 2011 and in Miami:
Miami Year-over-year Median List Price Appreciation: 28.57%
Miami Year-over-year Median Age of Inventory: -30.89%
Miami Year-over-year Inventory: -51.44%
Miami Unemployment Rate (November): 9.4%
It should also be mentioned that 4 of the top 5 cities were also located in Florida. What these ranking tell us is that the cities that were first to hit rock bottom seeing the biggest numbers in foreclosures are also the markets that are now seeing the biggest growth and appreciation.
I can personally tell you the market is booming but there are still deals to be had. If you would like more information, please feel free to contact me.