Today eppraisal.com released its National Real Estate Market Analysis report for 183 markets across the continental U.S. This report, which tracks median sales price of residential homes, compares data on homes sold in the first quarter of 2009 with homes sold in the second quarter of 2009.

In this comparison of the first quarter with the second quarter, there are signs that most markets have hit bottom and are showing signs of recovery. In the last eppraisal.com report, only 50 percent of the markets tracked saw increases in median home values. In the current report, 76 percent of the markets tracked saw increases, while less than 20 percent saw a decline in median home values. Only two markets on the entire list saw a double digit decline in median home values.

Overall, the gains are spread across the U.S, but there are a few hot spots, with areas in Ohio and Michigan seeing the biggest increases. These areas have had some of the steepest declines in past reports and have the greatest potential for growth. For example, in Springfield, Ohio, the median home value jumped 36.4 percent to $75,000. Lima, Ohio, increased by 46.9 percent to a median home value of $78,000. In Michigan, the Lansing area saw a 31.6 percent increase to a median value of $75,000. The Saginaw area increased 47.2 percent to a median value of $44,000, and Battle Creek increased by 17.2 percent to a median value of $45,000.

The full list of all 183 markets can be found in our market report. However, here are some of the most notable highlights:

• Markets in Ohio accounted for half of the top 10 markets that saw the greatest increase, with Akron leading the list followed by Sandusky and Cleveland areas.
• At a median home value of $151,000, Orlando-Kissimmee, Fla., remains an affordable area with the median still less than the median a year ago when it was over $210,000. However, the decline has slowed from 8.5 percent in the previous eppraisal.com market report to 3.2 percent in the current report.
• Other notable affordable areas include: Las Vegas-Paradis, Nev., down 6.2 percent to a median value of $140,900; Cape Coral-Fort Myers, Fla., down 1 percent to a median value of $85,100; and the Tampa-St. Petersburg area up 3.3 percent to a median value of $129,000.
• The San Francisco-San Mateo areas of California had the highest median home value on the list at $673,000, which is up 18.1 percent over the first quarter.
• Detroit-Dearborn, Mich., area had the lowest median home value on the list at $14,000, which is up 12.9 percent.
• Of the 139 markets showing increases in median home values, only 24 of those markets remained under $100,000.

See a complete list of real estate market rankings from eppraisal.com

Your time has arrived to get the house you have dreamed about in the location of your choice. With the state of the current market, buyers can negotiate better prices and terms on homes that have been on the market for an extended period due to a number of reasons, most leading back to the economy.  Sellers need to liquidate in order to make ends meet, prices are down, and interest rates low.  So here are a few tools to help with your search.

•  Use the eppraisal.com City Snapshot search to get more information about the area you are looking in, such as information about local schools, lifestyle, and market conditions.

•  If you’re looking to relocate and need a little guidance on what location would be a good fit, let Hoodeo help you find a neighborhood that best fits your lifestyle.

•  Now that you know where to look you can take a drive and use Trulia’s iPhone Application to find open houses near you on the fly.

Take your time and look for what you truly want. With so many houses on the market and limited buyers in this bad economy, you can have the pick of the litter. This is the perfect time to be in the market for a home.

Finding the perfect home starts with knowing where to look.  There are characteristics to consider when choosing a neighborhood or community:

• Are you looking for a family-friendly area?
• Do you like the big city or more suburban environment?
• How safe will you be?
• What kind of climate do you prefer?
• Is it close to work?
• Are there good schools?

Before you start your search for a home, spend some time researching where to live.  As the Neighborhood Matchmaker, hoodeo is a good place to start.  Through a quick survey, hoodeo learns about your preferences then matches you to your top 10 “best places to live.”  For each match, you can search homes for sale in that area.

» Start your neighborhood search on hoodeo.

The team at eppraisal.com is proud to announce the beta launch of hoodeo™. Hoodeo plays neighborhood matchmaker, giving consumers up to 10 neighborhoods that best match their needs.

So, you may be asking yourself, how does it work? Well, it’s easy! First, create your hoodeo profile by answering a few questions about your lifestyle, desired property type and price range. Then, let hoodeo work its matchmaking magic then show you your best places to live. Hoodeo goes one step further and shows you homes that are for sale that match your criteria in your best places.

These are my top 10 places:

1. Pittsford, NY 14534
2. Greensboro, NC 27410
3. Pearland, TX 77581
4. Richmond, TX 77469
5. Hesperia, CA 92344
6. Pewaukee, WI 53072
7. Charlotte, NC 28211
8. Cypress, TX 77429
9. Kathleen, GA 31047
10. Houston, TX 77070

What are yours? http://www.hoodeo.com. Post a comment here and let us know what your best places are… oh and don’t forget to share them with your friends… that way they know where to find you when you find your perfect home!

Today, I was lucky enough to get a super early sneak peak at eppraisal.com’s new web site Hoodeo. It is REALLY COOL and a TON OF FUN to play around with. It leverages a lot of the eppraisal technology in a really unique way. I wish I could tell you more, but for now I am under a vow of secrecy.

However, don’t miss out on the opportunity to be one of the first to check it out! Sign up at hoodeo.com to be notified of the beta release.