Santa Ana homeowners have something to cheer about.
A new Forbes list predicts that the most-populous Orange County city will be among the 10 cities where home values are expected to rise the most in 2011.
Santa Ana took the No. 2 spot. The list included two other Golden State burgs: San Diego (No. 5) and San Jose (No. 1). Local Market Monitor partnered with the magazine to track 315 American real estate markets, Forbes reported:
They then analyzed key economic factors that directly affect housing markets: unemployment and job growth rates, as reported by the Bureau of Labor Statistics. LMM tracks real estate markets' valuations based on the theory that markets go through cycles.
Currently, the average home price in Santa Ana is $449,396, and a 3 percent increase is expected during the next 12 months, according to Forbes. The list also predicts a 2 percent increase during the next three years.
Top 10 Cities Where Home Values Will Rise in 2011
- No. 1 - San Jose, Calif.
- No. 2 - Santa Ana, Calif.
- No. 3 - Bethesda, Md.
- No. 4 - Pittsburgh
- No. 5 - San Diego
- No. 6 - Oklahoma City
- No. 7 - Washington, D.C.
- No. 8 - Austin, Texas
- No. 9 - Chattanooga, Tenn.
- No. 10 - Boston