Good news for San Deigns, we did not make this list. Unlike many real estate markets in the nation, San Diego is doing much better and ranks third in the nation for real estate prospects.
The top ten sickest housing markets in America are:
1. Tucson, Arizona. Tucson’s homeowner vacancy rate is 6.8%; almost double what is was last year. Demand for housing is so low that the median home prices have dropped 18% in the past year and 33% since 2008. In addition, the city has the highest rate of foreclosures in the country.
2. Indianapolis, Indiana. The average home price has dropped 15.3% between the second quarter of 2010 and the first quarter of this year. Indianapolis’s home vacancy rate is 5.2% and is the fifth highest in the country. Both Tucson and Indianapolis have an unemployment rate of 7.8%.
3. Memphis, Tennessee. While Memphis’s rental vacancy rate has decreased significantly from last year’s 21.2% to 13.5% it is still among the highest in the country. The unemployment rate remains at 10.1%, considerably higher than the national average of 9.2%.
4. Atlanta, Georgia. Atlanta’s unemployment rate of 9.7% is well above the national average. The city, which had a significant influx of new residents, particularly from the northeast, has had a difficult time recovering.
5. Baton Rouge, Louisiana. The homeowner vacancy rate in Baton Rouge is 3.9%, rental vacancy is 13%, and unemployment is 9.3%. Baton Rouge was hit hard by Hurricane Katrina. However, money brought through for Hurricane recovery work helped the city to perform better than many other cities in the U.S.
6. Dayton, Ohio. Dayton has a particularly bad unemployment rate of 9.3%. The median housing price, which stood at $109,000 in 2008, has fallen by 29%, or $27,000, between 2008 and the first quarter of this year. Its home vacancy rate of 4.7% is the seventh-highest in the country.
7. Detroit, Michigan. One of the hardest hit cities in the nation with a 30% unemployment rate in 2009 and now at 11.6%. The rental vacancy is currently at 17.2% and homeowner vacancy at 2.4%. One of the reasons Detroit is not at the top of the list is many of the homes were demolished.
8. Kansas City, Missouri. Median home prices in Kansas City are down by more than 13% from 2008. Most of the decline came in the last year. Unemployment is 8.4%, homeowner vacancy is 3.7%, and rental vacancy is 11%.
9. St. Louis, Missouri. St. Louis homeowner vacancy rate is 3.3%, rental vacancy is 11.4%, and unemployment is 8.6%.
10. Oklahoma City, Oklahoma. From last year, home sales in Oklahoma State have dropped by 7.7%. The median home price in the city dropped by more than 8% in the first quarter of 2011.
For more information about the real estate market in your neighborhood contact us at Premiere Homes 858.455.6700 today!
America’s Sickest Housing Markets-full article