Chances are, these towns don't ring a bell, but perhaps they should.

They are among a list of 100 metro areas across the nation that have housing markets worth serious consideration.

Over the past year, housing dollars spent in these towns have faced little if any risk, according to San Juan Capistrano, CA-based HomeSmartReports.com, a number-crunching company that examines property values and housing market risks.

They are locales where both buyers and investors can cash in.

"My lament over the last several years is that people have not paid any attention to risk-related factors in real estate. The market was going up and it was 'The market will take care of everything.' That was the mind set. On the flip side now, we don't want to look at all the bad news. Well, let's point to areas that are more stable where people can think of moving to or investing in," says HomeSmartReports co-founder, Mike Ela.

Recent studies have shown migration patterns and rural locations can point to buying and investment opportunities, but HomeSmartReports examined risk factors -- foreclosure activity, property flipping, sales volatility, property history, site issues -- that can positively or negatively affect values in an area.

"There are some areas of the country that are reasonably stable and where risk factors are minimal. Over the long haul, stable areas tend to fare better from a value standpoint," Ela says.

Ela says even markets where home prices have fallen, but economic strength remains, reveal a greater potential for sound real estate investments.

Using a Collateral Risk Measure (CRM), based on a scale of 0-100, where zero is very stable and 100 extremely risky, here are the Top 20 towns scoring 1.12 or lower. Compare them with the nation's riskiest market, Detroit-Livonia-Dearborn, MI and its CRM of 46.26.

Hinesville-Fort Stewart, GA; Manchester-Nashua, NH; Lebanon, PA; Bridgeport-Stamford-Norwalk, CT; Abilene, TX; Odessa, TX; Burlington-South Burlington, VT; Cambridge-Newton-Framingham, MA; Bismarck, ND; Farmington, NM; Hartford-West Hartford-E Hartford, CT; Norwich-New London, CT; Portland-South Portland-Biddeford, ME; Grand Forks, ND-MN; Essex County, MA; Fond du Lac, WI; New Haven-Milford, CT; Jackson, MI; Jacksonville, NC; and Barnstable Town, MA.

Ela plans to soon post the complete list of 100 low-risk towns on HomeSmartReports.

Using the factors mentioned, HomeSmartReports also provides a Market Risk Score, graded from "A" to "F," based on local market factors, to rate areas around a property. Plug in your ZIP Code and get your region's grade.

Here's a descriptions of each grade.

A - Low Market Risk Conditions exist. Sales trends are consistent and market activity is normal.

B - Some Market Risk Conditions exist. Foreclosure activity exists combined with market price appreciation which may not be consistent with a low risk market.

C - Moderate Market Risk Conditions exist. Foreclosure activity and market price appreciation appear higher than normal. More research recommended.

D - Medium to High Market Risk Conditions exist. Foreclosure activity is abnormally high. Market price appreciation is higher than normal.

F - High Market Risk Conditions exist. Very high foreclosure activity exists in the area. Very high market price appreciation exists which is not normal in a high foreclosure market. Flipping activity is present, and fraud rings may exist in the area. We strongly recommend that you seek the advice of a real estate professional.

Published: January 29, 2009

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Broderick Perkins parlayed a career in old-school journalism into a contemporary digital news service that really hits home. The award-winning consumer journalist, originally from Wilmington, DE, is founder, publisher and executive editor of the bootstrap DeadlineNews Group, a Silicon Valley-based editorial content and consulting service specializing in residential real estate, consumer news and related editorial consulting services. The DeadlineNews Group includes the website, DeadlineNews.com, offering real estate editorial content and consulting services, and its back shop, the Deadline Newsroom, an open house on news that really hits home. Perkins obtained his formal journalism education from University of Delaware and a journalism boot camp, the Institute of Journalism Education at the University of California-Berkeley. He went on to 20 years of service as a daily newspaper journalist at the Wilmington, DE News Journal and San Jose, CA Mercury News. Perkins covered housing on the San Jose Mercury News reporting team which earned a General News Reporting Pulitzer Prize in 1989 for coverage of the Loma Prieta earthquake. He has also produced real estate, consumer and small business content for the Wall Street Journal, Los Angeles Times, RealtyTimes.com, Nolo.com, Better Homes and Gardens, the National Association of Realtors, Homestore/Move and Intuit/Quicken among more than three dozen publications. In addition to managing the DeadlineNews Group, Perkins most recently served as chief editorial consultant for Nolo's Essential Guide To Buying Your First Home, Nolo, and writes real estate television scripts for RealtyTimes.com.