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Although the housing market was one of the main drivers of the crisis on the U.S. economy, the real estate sector has made significant recovery and cities are beginning to find their footing in the market again.
Recent WalletHub data found Frisco, Texas leading the healthiest housing markets of 2015, while Flint, Michigan was the unhealthiest market listed.
WalletHub also reported other factors helped drive economic expansion like the unemployment rate dropping to a seven-year low of 5.3 percent, which falls within the 5.0 percent to 5.5 percent range that most economists consider to be consistent with full employment.
In addition, job increases, higher rents, and rising confidence among consumers are likely to push lenders to accept more first-time homebuyers.
"The overall housing market is healthier than at any time since 2001."
"One such harbinger of good news is insurance company Nationwide, which has been tracking the health of real estate on a quarterly basis," according to Wallethub. "At the beginning of the year, Nationwide reported that the overall housing market is healthier than at any time since 2001. With such promise, the insurance company claims the chances of a housing downturn in the near future are slim."
After reviewing 300 U.S. cities across 14 key metrics, Wallethub found that Frisco, Texas ranked as the number one healthiest housing market, third in terms of real estate, and ranked second in affordability and economic environment. Allen, Texas; Arvada, Colorado; Plano, Texas; and Sunnyvale, California finished up the top five healthiest markets.
Among the least healthiest markets were Flint, Michigan; Paterson, New Jersey; Newark, New Jersey; Dayton, Ohio; and Elizabeth, New Jersey.
Earlier today, Freddie Mac's Multi-Indicator Market Index (MiMi) determined that multiple market indicators show solid strong stabilization within housing in June, mostly due to employment and current mortgages.
Housing markets are the strongest they have been since 2008, with the national MiMi surpassing 80 in June. Freddie Mac attributes most of this positive growth to a surge in jobs and mortgages that are kept current in nearly all metros.
"Nationally, all MiMi indicators are heading in the right direction," said Len Kiefer, Freddie Mac deputy chief economist. "Robust homebuyer demand has put total home sales on pace for the best year since 2007 and look for that trend to continue as the MiMi purchase applications indicator remains on the upswing."
