LIFESTYLE
The 12 Worst Real Estate Markets
Published: Monday, August 27th 2012
Based on the latest numbers, it looks like the real estate market is finally coming back. According to the S&P/Case-Shiller 20 City Index, home prices are up 2.6% from the beginning of the year.
Plus, the current low-interest-rate environment can be good for homeowners. Shopping around for a mortgage can mean finding a good deal since rates are varying by more than 1% between venders. That large of a difference can be thousands of dollars saved a year, and tens of thousands over the life of the loan.
Business Insider reported that 31% of homeowners with mortgages or 15.3 million households were underwater in the second quarter of 2012. Thankfully, that is down from the previous quarter.
However, there are 12 metro areas where there is still a high rate of houses being underwater. Things don’t look too good in the Sunshine State. Florida has three metro areas on the list and they represent the worst of the delinquency rates. (The delinquency rate is the percent of homes that are over 90 days late on their mortgage payments.)
The only region in the U.S. that isn’t represented on this list is the Northeast.
12. Seattle, Wash.
Negative equity share: 37.8%
Delinquency rate: 10.3%
11. Minneapolis-St. Paul, Minn.
Negative equity share: 38.7%
Delinquency rate: 4.7%
10. Chicago, Ill.
Negative equity share: 39.2%
Delinquency rate: 12%
9. Miami-Fort Lauderdale, Fla.
Negative equity share: 43.7%
Delinquency rate: 24.9%
8. Tampa, Fla.
Negative equity share: 46.6%
Delinquency rate: 17.6%
7. Detroit, Mich.
Negative equity share: 48.3%
Delinquency rate: 5.4%
6. Sacramento, Calif.
Negative equity share: 49.3%
Delinquency rate: 8.2%
5. Riverside, Calif.
Negative equity share: 51.2%
Delinquency rate: 11.1%
4. Phoenix, Ariz.
Negative equity share: 51.6%
Delinquency rate: 8%
3. Orlando, Fla.
Negative equity share: 51.9%
Delinquency rate: 18.2%
2. Atlanta, Ga.
Negative equity share: 54.4%
Delinquency rate: 7.8%
1. Las Vegas, Nev.
Negative equity share: 68.5%
Delinquency rate: 13.6%
Read more:
12 Cities Where Homeowners are Deep Underwater
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