Miserable city – great housing market

The day after Forbes.com declared Memphis the number 3 Most Miserable City USA, raising the hackles of local politicians and the My Memphis Right or Wrong loyalists, Forbes came back with their next list rating Memphis number 6 in America’s Best Housing Markets.

This is the text of Forbes’ post

Forbes.com - America's Best Housing Markets
“It takes more than just low foreclosures, housing affordability or even rising house prices on their own to form a good real estate market. The country’s best markets have all three of those in spades: housing is accessible to middle-income families, a glut of foreclosures isn’t dragging prices down, and median home sale prices are on the rise–or at least falling less than elsewhere in the country. Using data from The National Association of Home Builders and Wells Fargo, Moody’s Economy.com and RealtyTrac, Forbes crunched the numbers to find the country’s best housing markets. Click to see if your city is on the list.”

Memphis has a “Housing Opportunity Index of 82.5 and  2.8% of Housing Units in Foreclosure, according to the article.

Congressman Steve Cohen

Maybe it’s just me, but I have a hard time navigating the Forbes site.  Seems that you have to click through a lot of pages and get served up lots of ads before you get to your destination.  Obviously Forbes is paying attention to Memphis.  And I am sure Mr. Forbes, by now has heard Congressman Cohen’s 60 second rant to Congress about the Misery article, which, by the way, started with Bar-B-Q  (Memphis’ truly transcendent asset) and ending with offering  Forbes an eye exam at SouthernCollege of Optometry.

Any predictions on the next list that will include Memphis?  Or, more importantly,  do you have any ideas on how I can use the Misery Factor to sell more houses?

Oh, and if your are not miserable enough yet, here is Forbes list of the 400 Richest Americans (compiled in September, 2009).  Once again, I didn’t make the list.

Related Posts Plugin for WordPress, Blogger...

About 

Joe Spake is a Memphis-based Real Estate Broker and Consultant. He blogs at Joe Spake's Weblog and Memphis Real Estate Buzz. Joe's Social Network.