America’s Turnaround Towns Boosting Housing, Jobs

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Oct. 31 (Bloomberg) -- Steven Berkowitz, chief executive officer at Move, talks with Deirdre Bolton about the U.S. cities posting the biggest comebacks in real estate and jobs. He speaks on Bloomberg Television’s “In The Loop.”

Showing the most string raise on these listing prices, which is what you track?

We are seeing areas that were hard hit like detroit, las vegas, and reno coming back quite a bit.

We're seeing areas like dallas and santa barbara, ann arbor, where jobs are starting to come back.

That is interesting.

I guess the first point you made is not that surprising.

All of the cities were so hard hit.

But if you're seeing economic group -- growth in the second group, that is encouraging.

Yes, it is.

You are seeing investors come in, foreclosures decreasing.

Where new businesses coming in, technology centers are coming in, many of them closed universities.

Ask give us a sense of the range of the strength of housing prices.

What kind of percentage points are we talking about?

About a 70% year-over-year increase -- 17% year-over-year increase, but you're seeing a three percent decrease in other areas.

There are people who are saying, mortgage rates are creeping up, and as far as what is selling, you don't see the effect?

We see some.

Things that affect consumer confidence do affect housing.

We will see how that works out.

Easy a very strong first half of the year and third quarter was better.

And you draw any kinds of conclusions were jobs are coming back?

I'm looking through your data and that these list of turnaround places, and as you alluded to, a lot of these are tech centers.

Boston, and of course, boulder, which say they have smaller tech communities than in silicon valley, but are there all the same.

This idea that jobs will drive the economy shows in housing very strongly.

As we continue to see job growth in those areas, we will continue to see housing prices move in a positive direction.

You have been doing this for years.

How does this year stack up to the past?

What is the big picture?

You are seeing a stabilizing across the country.

You are starting to see housing in areas that wasn't showing signs of growth, showing signs of growth.

Areas that were hot are starting to cool off.

Your signal more stable areas rising in the turnaround.

When you go to parties and people say, should i invest in real estate or not, what do you say?

I say be smart.

It is an area that i think homeownership is critical to the economy.

I say, look at the values, and they're very good.

Be smart.

You're probably fairly targeted at cocktail parties, almost as much as dentist.

Steve berkowitz, thank you for joining us, ceo of move, parent of realtor.com.

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