Iowa's Second Largest City Logs 4.4 Percent Rise In Home Values In 2007

April 25, 2008 1:12 p.m. EST

Des Moines, IA (AHN) - One of the exceptions to the declining value of home prices across the U.S. is Cedar Rapids in Iowa, where median home values grew almost 13 percent the past four years and logged a 4.4 percent hike in 2007.

The Chamber of Commerce of Cedar Rapids attributed the continuing rise in home values in the region to its diverse economy deliberately put in place under a plan called Priority One.

According to the report, quoted by the Realty Times, the chamber said, "The resulting focus on economic development has ballooned area employment to record levels, driven unemployment to historic lows, recruited new companies to the area and assisted many existing businesses with expansions."

Cedar Rapids has 275 manufacturing plants and 24 Fortune 500 firms that exports its products in almost all continents.

Among the firms with offices and facilities in Cedar Rapids are General Mills, Cargill, GE Commercial Finance, Quaker Oats, McLeodUSA and QWest.