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Source:
Forbes, Matt Woolsey (03/31/2008)
The
riskiest housing markets are those where foreclosure
rates are high, homes are selling slowly, local
economies are struggling, and lenders are reluctant to
make money available.
Forbes magazine examined
the nation’s 40 largest metros and identified the 10
housing markets that are in the worst shape. These are
the markets Forbes cited:
-
Detroit –
Prices are so low it’s hard to imagine them falling
further. Foreclosures are five times the national
average.
-
Orlando,
Fla.
– The vacancy rate
is 7.4 percent
-
Cleveland –
There’s been no job growth here since August 2006.
- St.
Louis – Year
over year, prices dropped 20 percent.
- Miami
– The inventory of unsold homes has climbed
steadily.
- Las
Vegas – Job
growth has been flat since the housing construction
bubble burst.
-
Sacramento,
Calif.
– The city has the nation’s highest rate of seller
price reductions.
-
Denver – The
state has ninth highest rate of foreclosures in the
country.
-
Tampa, Fla. –
Weak job market and high inventory of premium
properties
-
Phoenix –
Housing inventory is five times higher than it was
in 2005
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