Top 10 Highest Risk Mortgage Markets
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Out of the 100 largest markets in the country, those with the highest risk of mortgage defaults are in 3 states, California, Florida, and Arizona. But the segmentation of the market does not end there.
California holds 8 out of the top 10 spots on this ignoble list of mortgage mayhem. So when the pundits scream about the housing market falling into the abyss, do not fear it so badly. Like insurance rates going up after hurricanes, the housing slowdown is now continuing on as the lenders untangle themselves from the mess they created in California.
The rest of the country is paying for the excesses of a few. Does that surprise you?
Top 10 Highest Risk Mortgage Markets (in the top 100 markets)
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Riverside-San Bernardino-Ontario, CA
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Los Angeles-Long Beach-Glendale, CA
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Sacramento–Arden-Arcade–Roseville, CA
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Miami-Miami Beach-Kendall, FL
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Oakland-Fremont-Hayward, CA
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San Diego-Carlsbad-San Marcos, CA
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Santa Ana-Anaheim-Irvine, CA
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Stockton, CA
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Phoenix-Mesa-Scottsdale, AZ
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Bakersfield, CA (via Corelogic)
If you are a kind and wonderful person and want to help out the folks in California get out of the mess they are in and buy some foreclosures, have I got a deal for you… Foreclosure.com is offering a risk free 7 day trial of their excellent foreclosure search engine. Go see what deals are available in these cities and help reduce the inventory of houses on the market.
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