Two East Coast metros stage big housing market turnarounds.

Position:NEWS ROOM

* Waltham, Massachusetts-based Pro Teck Services' Home Value Forecast report released in October highlights two large East Coast metros whose housing markets have staged noteworthy rebounds during the last year. The markets are Newark-Union, NJ-PA and Nassau-Suffolk County, NY.

One year ago, the Newark market was listed dead last on Pro Teck's list of 200 core-based statistical areas (CBSAs) ranked by the health of their housing markets. In the October report, the market had risen to No. 66. Factors that showed improvement were the number of sales, price appreciation and months of inventory remaining.

In Newark, home I sales rose to 6,004 in September 2013. That was up from just 3,448 during September of last year. Prices were up more than 5 percent over a year ago. Months of remaining inventory went from more than 10 months to 6.68 months. Newark's percentage of home sales that were foreclosures went up in September to 5.12 percent versus 3.98 percent one year ago.

The rebound in the Nassau-Suffolk County market is even more impressive. The housing market tops Pro Teck's list of top-10 performing CBSAs in its October update report. The report attributes the rebound to dwindling...

To continue reading