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  1. #1
    Senior Member JohnDoe2's Avatar
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    These 40 cities may see housing prices decline, survey says

    These 40 cities may see housing prices decline, survey says

    PUBLISHED MON, APR 8 2019 • 12:09 PM EDTUPDATED MON, APR 8 2019 • 4:10 PM EDT
    Lorie Konish@LORIEKONISH

    KEY POINTS

    • When it comes to finding a place to live, an urban setting at a fair price might be right up your alley.
    • Be sure to look beyond those low costs to see whether the real estate market in your chosen city is stable.
    • New data from GOBankingRates suggest that certain cities are particularly vulnerable based on their foreclosure and delinquency rates.




    Newark, New Jersey, skyline on the Passaic River.
    Sean Pavone | iStock | Getty Images


    If you’re looking for a new home in an urban area, you might be attracted to some more up-and-coming areas.
    But buyer beware: Some of those areas come with big risks.

    That is 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.

    To be sure, many areas of the country are holding steady. Separate research from CoreLogic, a provider of property information, data and analytics, released in March found that delinquency and foreclosure rates overall were the lowest since 2000.


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    “You could see this as a list of bargains. But if things don’t improve, you’re just going to lose equity on your house,” said Andrew DePietro, lead researcher and data analyst at GOBankingRates.


    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.


    Because that means there are more buyers than homes for sale on the market, Yun said he does not see prices declining in those areas.


    “I think it’s a price appreciation in most of those markets,” Yun said. “The only way it may reverse is if there’s an economic recession with substantial job cuts. But at least through 2019, it looks like it’s going to be a continuing job creating economy.”


    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.


    40 CITIES THAT COULD SEE A HOUSING DECLINE

    RANK CITY STATE
    1 Newark New Jersey
    2 Detroit Michigan
    3 Bridgeport Connecticut
    4 Baltimore Maryland
    5 Hartford Connecticut
    6 Paterson New Jersey
    7 Cleveland Ohio
    8 Fayetteville North Carolina
    9 Dayton Ohio
    10 Montgomery Alabama
    11 Columbia South Carolina
    12 Birmingham Alabama
    13 Toledo Ohio
    14 New Haven Connecticut
    15 Columbus Georgia
    16 Akron Ohio
    17 Macon Georgia
    18 Philadelphia Pennsylvania
    19 Rockford Illinois
    20 Newport News Virginia
    21 Chicago Illinois
    22 Hampton Virginia
    23 Norfolk Virginia
    24 Syracuse New York
    25 Joliet Illinois
    26 Little Rock Arkansas
    27 Mobile Alabama
    28 Jacksonville Florida
    29 Saint Louis Missouri
    30 Miami Beach Florida
    31 New Orleans Louisiana
    32 Lansing Michigan
    33 Aurora Illinois
    34 Miami Florida
    35 Memphis Tennessee
    36 Savannah Georgia
    37 Milwaukee Wisconsin
    38 Tallahassee Florida
    39 Bakersfield California
    40 Tulsa Oklahoma


    https://www.cnbc.com/2019/04/08/thes...rvey-says.html
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  2. #2
    Senior Member Beezer's Avatar
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    "Broad housing shortage" so let's FIX IT by importing MILLIONS of overbreeding, 3rd world, poor people into the country!

    And just roll out the welcome mat for the millions who are pouring across our border that will overbreed and bankrupt us further!

    Terminate and defund all refugee, TPS, and asylum programs now!

    This cities on that list are full of poverty, no jobs, crime, and run down neighborhoods!
    TO BECOME AN AMERICAN YOU MUST CHANGE YOUR VALUES ...NOT YOUR LOCATION

    STAY HOME AND BUILD AMERICA ON YOUR SOIL

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    Senior Member JohnDoe2's Avatar
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    NO AMNESTY

    Don't reward the criminal actions of millions of illegal aliens by giving them citizenship.


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