The sickest Housing Markets in sales prices and vacancies in America.
Based on housing data, 24/7 Wall St. identified the five “sickest” housing markets in America.Three of the five worst housing markets are in California. They are Sacramento and San Diego as well as the area of Southern California known as the Inland Empire: the Riverside-San Bernardino-Ontario metro region, pictured above. The remaining two cities are Virginia Beach, Va., and Toledo, Ohio. Each of these areas averaged a decline in home prices between the first six months of 2011 and the first six months of 2012.
According to data released earlier this month, asking home prices in the nation’s largest metro regions rose for the fourth time in five months. This is another positive sign for the national real estate market. However, a review of the data, provided by home price authority Trulia.com, indicates that many of the country’s largest cities continue to struggle due to weak demand, high foreclosure rates and negative equity.
While many of the largest housing markets are showing positive signs, based on both vacancy rate and average year-over-year home price decline, many markets are taking longer than most to recover. Several of these are a product of the burst housing bubble, while others have been in trouble for decades. Based on housing data, 24/7 Wall St. identified the five “sickest” housing markets in America.
Please use Piclens to enlargen each picture and read the data.
And our third sickets housing market in terms of list price, sales price, rentals is our very own:
San Diego #3With nearly 165,000 home mortgages underwater, the greater San Diego metropolitan area has one of the nation’s highest number of homes in negative equity. Home values in the San Diego region had the 13th-largest drop (37.1%) from their peak in 2006 to the first quarter this year of all metropolitan areas reviewed. Underwater homes are a problem, and the region has $20.5 billion in total negative equity, with nearly 10% of homes under water. According to the North County Times, the assessed value of all taxable property in the county fell by 0.14% to $395.1 billion in 2011.
For more on this article: http://realestate.yahoo.com/news/sickest-housing-markets-in-america.html