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These 40 cities are vulnerable for housing prices declines based on their foreclosure and delinquency rates

By anonymous follow anonymous   2019 Apr 8, 12:53pm 391 views   1 comments   watch   nsfw   quote   share    


According to a new study from GOBankingRates, which evaluated cities based on multiple criteria: percentage of homes with mortgages in negative equity, foreclosure rates, delinquency rates on mortgage payments, homeowner vacancy rates and rental vacancy rates. The site then ranked 40 cities according to these risks.

On top of the list is Newark, New Jersey, which also came in first with highest delinquency rate and highest homeowner vacancy rate. Other Northeast cities to make the list include Baltimore; Bridgeport, Conn.; Hartford, Conn.; Philadelphia and Syracuse, New York.

Midwestern cities were also prominent, including Chicago; Cleveland; Dayton, Ohio; Detroit; Toledo, Ohio; Akron, Ohio; Milwaukee; and Rockford, Joliet and Aurora, all in Illinois.

Southern cities also rounded out the top 40, including Birmingham, Alabama; Columbus, Georgia; Jacksonville, Florida; Memphis; Mobile, Alabama; New Orleans and Norfolk, Virginia, among others.

Tulsa landed on the bottom of the list, but that doesn't necessarily mean it's a safe bet, DePietro said. That's because it still has above-average foreclosure rates, homeowner vacancy rates and rental vacancy rates.

"There are probably suburbs outside these cities that are in less danger," DePietro said.

Not everyone agrees that there is trouble on the horizon for these areas.

"There is a broad housing shortage in America," which includes most of the cities named, according to Lawrence Yun, chief economist at the National Association of Realtors.

Following are the 40 cities that could be in danger of a housing decline this year, according to GOBankingRates. GOBankingRates used data from the Census Bureau, RealtyTrac and Zillow to complete the study.

More: https://www.cnbc.com/2019/04/08/these-40-cities-could-see-housing-prices-decline-survey-says.html

#RealEstate #Housing #PriceDeclines


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