Tuesday, March 16, 2010
Top 5 Most Troubled Real Estate Markets
1. Miami, Fla.Delinquency rate: 28.8%Comment: In greater Miami, including Fort Lauderdale and West Palm Beach, one-quarter of mortgages are 90 days past due or worse. In Miami proper, one-fifth of mortgages are in foreclosure or converted to REO. Worst in the country by far.
2. The Rest of FloridaDelinquency rate: 16%Comment: The only significant metro area in Florida with a delinquency rate below 10% is Pensacola, where 9% of mortgages are 90 days or more past due.
3. Las Vegas, Nev.Delinquency rate: 21.7%Comment: Maybe building all those high-rise condo buildings off the strip wasn't such a great bet after all. Mortgages in foreclosure or converted to REO here are 10.2% of the total.
4. Riverside, Calif.Delinquency rate: 19.1% Comment: Riverside's boom is a fading memory; 7.7% of the mortgages in this metro area are either in foreclosure or converted to REO. That's twice the 3% national average.
5. Bakersfield, Calif.Delinquency rate: 16.4% Comment: In this quiet area north of Los Angeles values are way down and 6.4% of mortgages are in foreclosure or converted to REO.
1. Miami, Fla.Delinquency rate: 28.8%Comment: In greater Miami, including Fort Lauderdale and West Palm Beach, one-quarter of mortgages are 90 days past due or worse. In Miami proper, one-fifth of mortgages are in foreclosure or converted to REO. Worst in the country by far.
2. The Rest of FloridaDelinquency rate: 16%Comment: The only significant metro area in Florida with a delinquency rate below 10% is Pensacola, where 9% of mortgages are 90 days or more past due.
3. Las Vegas, Nev.Delinquency rate: 21.7%Comment: Maybe building all those high-rise condo buildings off the strip wasn't such a great bet after all. Mortgages in foreclosure or converted to REO here are 10.2% of the total.
4. Riverside, Calif.Delinquency rate: 19.1% Comment: Riverside's boom is a fading memory; 7.7% of the mortgages in this metro area are either in foreclosure or converted to REO. That's twice the 3% national average.
5. Bakersfield, Calif.Delinquency rate: 16.4% Comment: In this quiet area north of Los Angeles values are way down and 6.4% of mortgages are in foreclosure or converted to REO.
