Location is everything when it comes to finding appreciating home values. Case-in-point, Orem, in northeastern Utah. Orem is part of a population belt that runs from the northern border of the state west of the Wasatch Mountains down to the southern end of the Salt Lake City area.

Many of the newer residents have come from California or are employed in technology jobs. There are three colleges in the area. As such, Orem qualifies to be called a ``brain-burb'' for its reliance upon jobs in innovative knowledge industries.

Orem placed second on the list of fastest-appreciating areas in the U.S. through June 30, where home prices rose 18 percent in the past year, according to the Office of Federal Housing Enterprise Oversight, the regulator of mortgage giants Freddie Mac and Fannie Mae.

What makes Orem attractive is that it's a bargain relative to its more-glamorous brain-burb to the southwest -- San Jose -- nestled in Silicon Valley, California. The median home price in the Utah city was $257,000 through the second quarter, compared with San Jose where the mid-point exceeds $520,000.

Source: http://www.bloomberg.com/apps/news?pid= 20601039&refer=columnist_wasik&sid=a44j8DSY0_ps