The foreclosure crisis had a significant impact on a number of local areas after the housing market collapse, but as both the real estate industry and economy start to build momentum, many of these markets starting to experience stability.
According to a real estate data from the National Association of Realtors, the top metropolitan areas that are experiencing a real estate comeback after the foreclosure crisis include Phoenix, Miami and Orlando.
"We continue to see signs of stabilization and recovery on the local level throughout the country, basing analysis on the real-time nature and accuracy of the Realtor.com data," said Steve Berkowitz, CEO of Movie Inc., which operates Realtor.com "By all indications, the 2012 housing market is unfolding as we expected, and we’re encouraged with the progress local markets are making."
Specifically, as foreclosed houses continue to move off of the market, property values in Phoenix have risen nearly 27 percent on an annual basis, while the home inventory in the area thinned 48 percent.
Additionally, home prices in Miami appreciated an estimated 24 percent during the same period, as it experienced a 48 percent decline in its inventory. Similarly, prices in Orlando saw surged 11.5 percent during the first quarter as a result of a 41 percent decline of its inventory.