Houses: Couples making $4 an hour can buy one

(MONEY Magazine) – It comes as little surprise that house prices in New York City, up 22.3%, and | Boston, up 18.9%, boomed last year. But two other small northeastern cities were much hotter. Existing houses in Providence, R.I. and Hartford, Conn. were up more than 30%. Also, our survey shows that yesterday's loser can be today's winner. Take long-depressed Detroit: prices there rebounded 13.5% to $58,700. So if oil prices go up, today's battered markets may rise. Hardest hit: Midland/Odessa, Texas, where house prices fell 11.4% to $62,000 from $70,000. With the lowest mortgage rates in eight years, couples making little more than minimum wages can buy now. In Oklahoma City, for example, it takes only $18,300 to afford the average $63,650 house.

CHART: TEXT NOT AVAILABLE CREDIT: NO CREDIT CAPTION: NO CAPTION DESCRIPTION: Five hot markets: Providence, Hartford, New York, Boston, Detroit. Four cold markets: Midland/Odessa, Houston, Baton Rouge, Oklahoma City, Average City, U.S.A.