It is one thing to live in a market that is slow, but it is even worse when folks start telling everyone that it is one of the riskiest housing markets in America. I think the people in Detroit are resigned to the fact that they will lead any indicator of housing distress in the country as they have gone through pure hell the past few years.
But cities such as Orlando, Florida and St. Louis, Missouri are probably shocked that they hold the 2nd and 4th positions, respectively. To come up with the criteria for risk in the housing market, Forbes used these criteria; “the country’s 40 largest metros and combined data on foreclosures, from RealtyTrac, a foreclosure listing service; job growth from the Bureau of Labor Statistics; transaction volume data from Radar Logic, a New York real estate research firm; and vacancy and current inventory rates from the U.S. Census Bureau and ZipRealty, an aggregator of multiple listing service data. “
Top 10 Riskiest Real Estate Markets In United States
- Detroit, Michigan
- Orlando, Florida
- Cleveland, Ohio
- St. Louis, Missouri
- Miami, Florida
- Las Vegas, Nevada
- Sacramento, California
- Denver, Colorado
- Tampa Bay, Florida
- Phoenix, Arizona
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I could of sworn that I just saw Denver as one of the safest markets just 1 week ago on Yahoo…I'll have to see if I can find that.
Tough list to find your home town on. Interesting that their is only 1 CA city on this list.
So what does a high foreclosure rate mean? Second homes? Speculator properties? Does this look at it from the Real Estate business POV? What about from the first time home buyer POC?