Ala. cities in Top 10 for higher home prices

By: DECATUR, Ala. (AP)
By: DECATUR, Ala. (AP)

A federal housing report says four Alabama cities ranked in the Top 10 areas in the U.S. where home-sales prices rose in 2008, with Decatur in the No. 1 position.

Tuscaloosa ranked No. 4, Montgomery No. 8 and Huntsville No. 9.

The Federal Housing Finance Agency report released Tuesday showed Decatur home prices rose 6.58 percent last year, despite the recession.

While home prices fell in most parts of the country, prices rose 4.8 percent for the year in Tuscaloosa, 4 percent in Montgomery, and 3.78 percent in Huntsville.

Nationwide, over the past year, seasonally-adjusted prices dropped 8.2 percent from the fourth quarter of 2007 to the fourth quarter of 2008.

Out of 292 metro areas ranked in the study, only 88 had sales reflecting an increase in home values.

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