We all know that the market has been booming on the coasts, and especially in the southwest. Places like NY, FL, AZ, NV, and CA have all seen huge gains over the past few years. I was actually surprised to find out that Bakersfield, CA was the hottest housing market, trumping Vegas recently:
Bakersfield edged out Las Vegas as the hottest housing market during the first quarter, with average house prices jumping 34% between March 2004 and March 2005, according to the Office of Federal Housing Enterprise Oversight.
According to preliminary Fannie Mae figures, the city had the fastest jump in housing prices (38%) for the second quarter. It also was the 13th fastest-growing city in population last year, U.S. census data show.
Unfortunately, like most other boom markets, up to a quarter of the gains come at the hand of speculators. In addition, the market is becoming increasingly less affordable as prices rise, and jobs become scarce.
For more in depth info read:
Source: One Bakersfield