Great News for Memphis Real Estate

While real estate data provider Clear Capital predicts home prices to tumble another 3.7 percent in 2011, it also predicts rising prices in 13 U.S. cities.

For Memphis, this means foreclosure sales and tax incentives are boosting sales.

Clear Capital reported Memphis’s price change took a 4.9 percent dip year-over-year in 2010 and is expected to increase 3.2 percent year-over-year in 2011.

The top five highest performers are:

  1. Washington, D.C
  2. Houston
  3. Honolulu
  4. Memphis
  5. Columbus, Ohio

“Some housing markets are well on their way to recovery, while others are experiencing a renewed downturn reminiscent of the housing crash only two years ago,” Clear Capital analyst Alex Villacorta said in a release. “The two clear drivers are local unemployment rates and the prevalence of distressed homes.”