 |
 |
||||||||||||||||||||||||||||||
|
|
|||||||||||||||||||||||||||||||
|
|||||||||||||||||||||||||||||||
|
Riskiest Markets to Purchase Foreclosures More bleak news from the housing market-home prices dropped in the first quarter of 2007 more than they had in any quarter in the last 17 years. Now, some believe that home prices could possibly continue to decline throughout the country over the next 2 years leading to more foreclosures. In the nations top 50 markets, there is a 36.4% chance that home prices could fall in the next couple of years. How fast and how far prices drop is still uncertain, but a recent housing study emphasizes that today’s housing market is extremely different from past years when homeowners could depend and plan on their homes appreciation in value, and that more homeowners are facing foreclosure than ever. The riskiest markets are those that saw rapid price appreciation-meaning home values jumped very high, very fast, and those that have already significantly depreciated this year. Of the 15 markets that were determined as the riskiest, 5 were in California and 4 were in Florida. The following all had markets that had above a 60% chance of a depreciation in housing prices: Riverside-Ontario-San Bernadino, California (65.2%) Phoneix-Scottsdale-Mesa, Arizona (64.6%) Las Vegas-Paradise, Nevada (61.4%) West Palm Beach-Boca Raton-Boynton Beach, Florida (60.7%) While most realtors in these counties will not dispute the fact that home prices are dropping, many do not believe it will last as long as some are predicting. Other cities that are suffering from home value depreciation are:
With the depreciation in home prices, homeowners trying to sell may be unable to. If they are trying to sell their homes because they cannot afford the mortgage payments, then many homeowners may be looking at having to face foreclosure in these areas.
|
|