Mark Bergman

Glens Falls is one of the nation's top 10 housing markets for the next 10 years, according to a U.S. News & World Report list published Thursday.

The list identified areas where home prices are likely to appreciate "handsomely" over the next decade, ranking Glens Falls No. 2 based on a projected rise in home values.

The article notes that national home values are down a "painful 32 percent" from their 2006 peaks, which often detracts attention from areas poised for growth.

"In the long run -- subtracting from the ups and downs of the business cycle -- house prices should grow at the rate of household income," Mark Zandi, chief economist at Moody's Economy.com, is quoted as saying in the article. "If people's incomes are rising, then they will buy more housing and house prices will rise."

Moody's Economy.com considered employment and population data, as well as geographic and industry trends, to generate 10-year home price projections for each of the nation's 384 distinct metropolitan statistical areas, the article states.

Glens Falls was noted for its proximity to Lake George, as well as it's profitable medical device manufacturing industry. The article also highlights the area as a more affordable alternative to Saratoga County and a bedroom community for Albany.

Moody's projects Glens Falls' home prices will increase 4.7 percent per year over the next 10 years, a half-point shy of Bremerton-Silverdale, Wash., which is expected to see the most growth at 5.22 percent per year over the next decade.

The 2008 median sale price for existing single-family homes was $185,000 in Warren County.

On a month-to-month basis, the median price climbed steadily from December to March, when it reached $174,900. In April, however, the price dropped dramatically to $150,000.

Todd Shimkus, president and chief executive of the Adirondack Regional Chamber of Commerce, told the magazine that a new hospital wing, a new library, a downtown townhouse project, a corporate headquarters for Barton Mines and a theater are evidence of strong private investment in the area in recent years.

"The national recognition that the magazine provides can help to drive attention to the community," Shimkus told The Post-Star.

Glens Falls Mayor John "Jack" Diamond and the president of the Warren County Board of Realtors could not be reached for comment Thursday.

Other cities named on the list included Fort Collins-Loveland, Colo.; Corvallis, Ore.; Anchorage, Alaska; Duluth, Minn.; Sandusky, Ohio; Santa Fe, N.M; Pittsfield, Mass.; and Decatur, Ill.

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