05-11-2021, 02:17 PM
Cameron Huddleston
Sun, May 9, 2021, 10:00 AM·22 min read
Mia2you / Shutterstock.com
The U.S. housing market has been strong, and home prices have been rising steadily since 2012. However, signs of weakness have started appearing lately — including a slowdown in the pace at which home prices have been rising.
That doesn’t mean the housing market is headed for a crash. But some places could be more at risk of a downturn than others. To identify those places, GOBankingRates evaluated 500 cities to identify which ones have high rates of foreclosures and underwater mortgages (houses that are worth less than what is owed). GOBankingRates also looked at changes in median home listing prices, the number of days homes are on the market and percentage of for-sale listings with price cuts and compared those figures with national averages to see which housing markets were lagging behind the nation as a whole.
Florida has the highest number of cities with real estate markets that could be in trouble, followed by Illinois. Keep reading to see which cities in these and other states have housing markets that are turning ugly.
Florida Fort Myers colorful facades and palm trees in USA - Image.
50. Fort Myers, Florida
Newport News, Virginia at city center
49. Newport News, Virginia
City Hall in Cumming Georgia
48. Cumming, Georgia
Maumee River and Toledo Ohio skyline.
47. Toledo, Ohio
Downtown Naperville Riverwalk in Illinois
46. Naperville, Illinois
Sarasota, Florida, USA downtown skyline on the bay at sunrise.
45. Sarasota, Florida
Fort Lauderdale Florida climate change
44. Fort Lauderdale, Florida
Menifee California salt creek
43. Menifee, California
Tuscaloosa, Alabama, USA - April 16, 2008: Denny Chimes bell tower on the quad at The University of Alabama campus during the spring.
42. Tuscaloosa, Alabama
Wilmington is the largest city in the state of Delaware, United States and is located at the confluence of the Christina River and Brandywine Creek.
41. Wilmington, Delaware
Naples, USA - April 30, 2018: Bayfront condos, condominiums colorful, multicolored, multi-colored buildings with fountain, water, palm trees, blue sky in residential community.
40. Naples, Florida
City skyline of west palm beach.
39. West Palm Beach, Florida
Connecticut, Waterbury
38. Waterbury, Connecticut
PLAINFIELD, IL, USA - MARCH 19, 2019: A drone / aerial view of a white water tower with Plainfield painted in red with an old grain elevator standing high in the background.
37. Plainfield, Illinois
Wind Turbines line the hillsides outside Bakersfield, California.
36. Bakersfield, California
Jacksonville, Flordia
35. Jacksonville, Florida
Orlando Lake Eola
34. Orlando, Florida
McKinney Texas
33. McKinney, Texas
Summerville South Carolina
32. Summerville, South Carolina
Annapolis Maryland city street at dusk
31. Annapolis, Maryland
Aerial panorama of Stamford, Connecticut - Image.
30. Stamford, Connecticut
University of Illinois at Urbana Champaign
29. Champaign, Illinois
Port Saint Lucie Florida nature reserve
28. Port Saint Lucie, Florida
Old Main Street in downtown Bradenton, FL USA.
27. Bradenton, Florida
Downtown Ocala, Florida with historic building storefronts.
26. Ocala, Florida
Downtown Dayton skyline with the Miami River and skyline reflections at dusk.
25. Dayton, Ohio
Lehigh Acres Florida
24. Lehigh Acres, Florida
Bridge in Rockford, Illinois, USA.
23. Rockford, Illinois
Historic Downtown Mobile, Alabama
22. Mobile, Alabama
beach park in Cape Coral FL.
21. Cape Coral, Florida
beach cities, Fort Pierce, Florida
20. Fort Pierce, Florida
St. Paul's Episcopal Church in Suffolk, Virginia , USA - Image
19. Suffolk, Virginia
An aerial view of Lake Redington and the surrounding hiking trails of the Patuxent River in Laurel, Maryland.
18. Laurel, Maryland
Joliet is a city in Kendall and Will counties in the U.
17. Joliet, Illinois
The Rattler at Wild Adventures Theme Park in Valdosta Georgia
16. Valdosta, Georgia
Decatur Illinois
15. Decatur, Illinois
Elgin-Illinois
14. Elgin, Illinois
Amazing view of a colorful landscape after the storm, summer season in Riverview, Florida.
13. Riverview, Florida
downtown Atlanta Georgia skyline
12. Atlanta
The city of Lawton is the county seat of Comanche County, in the State of Oklahoma.
11. Lawton, Oklahoma
Hampton Virginia lighthouse
10. Hampton, Virginia
Aurora is a suburb of Chicago located in the outer region of Greater Chicago in the U.
9. Aurora, Illinois
Bridgeport is a historic seaport city in the U.
8. Bridgeport, Connecticut
The view of Norfolk downtown in the evening light (West Virginia).
7. Norfolk, Virginia
Miami, USA - August 23, 2014: people enjoy Palm trees and art deco hotels at Ocean Drive by night.
6. Miami Beach, Florida
Baltimore, Maryland, USA skyline on the Inner Harbor.
5. Baltimore
Columbus-GA
4. Columbus, Georgia
Houses and Riverfront of the Elizabeth River in Portsmouth, Virginia during dawn with magenta, purple, and pink clouds.
3. Portsmouth, Virginia
Lakewood New Jersey
2. Lakewood, New Jersey
Illinois, Peoria - Illinois
1. Peoria, Illinois
More on Investing and Real Estate
This article originally appeared on GOBankingRates.com: 50 Housing Markets That Are Turning Ugly
Sun, May 9, 2021, 10:00 AM·22 min read
Mia2you / Shutterstock.com
The U.S. housing market has been strong, and home prices have been rising steadily since 2012. However, signs of weakness have started appearing lately — including a slowdown in the pace at which home prices have been rising.
That doesn’t mean the housing market is headed for a crash. But some places could be more at risk of a downturn than others. To identify those places, GOBankingRates evaluated 500 cities to identify which ones have high rates of foreclosures and underwater mortgages (houses that are worth less than what is owed). GOBankingRates also looked at changes in median home listing prices, the number of days homes are on the market and percentage of for-sale listings with price cuts and compared those figures with national averages to see which housing markets were lagging behind the nation as a whole.
Florida has the highest number of cities with real estate markets that could be in trouble, followed by Illinois. Keep reading to see which cities in these and other states have housing markets that are turning ugly.
Florida Fort Myers colorful facades and palm trees in USA - Image.
50. Fort Myers, Florida
- Median list price: $249,999
- 2-year price change: -1.4%
- Percentage of underwater mortgages: 6.9%
- Foreclosures: 1 in every 1,921 homes
Newport News, Virginia at city center
49. Newport News, Virginia
- Median list price: $190,000
- 2-year price change: 8.4%
- Percentage of underwater mortgages: 19.2%
- Foreclosures: 1 in every 2,172 homes
City Hall in Cumming Georgia
48. Cumming, Georgia
- Median list price: $383,511
- 2-year price change: 1.2%
- Percentage of underwater mortgages: 4%
- Foreclosures: 1 in every 2,311 homes
Maumee River and Toledo Ohio skyline.
47. Toledo, Ohio
- Median list price: $84,900
- 2-year price change: 8.8%
- Percentage of underwater mortgages: 24.7%
- Foreclosures: 1 in every 1,428 homes
Downtown Naperville Riverwalk in Illinois
46. Naperville, Illinois
- Median list price: $439,990
- 2-year price change: -2.2%
- Percentage of underwater mortgages: 6.5%
- Foreclosures: 1 in every 3,897 homes
Sarasota, Florida, USA downtown skyline on the bay at sunrise.
45. Sarasota, Florida
- Median list price: $359,000
- 2-year price change: 5.6%
- Percentage of underwater mortgages: 4.5%
- Foreclosures: 1 in every 1,520 homes
Fort Lauderdale Florida climate change
44. Fort Lauderdale, Florida
- Median list price: $499,900
- 2-year price change: -0.2%
- Percentage of underwater mortgages: 7%
- Foreclosures: 1 in every 1,507 homes
Menifee California salt creek
43. Menifee, California
- Median list price: $380,000
- 2-year price change: 8.3%
- Percentage of underwater mortgages: 5.5%
- Foreclosures: 1 in every 808 homes
Tuscaloosa, Alabama, USA - April 16, 2008: Denny Chimes bell tower on the quad at The University of Alabama campus during the spring.
42. Tuscaloosa, Alabama
- Median list price: $207,988
- 2-year price change: 0%
- Percentage of underwater mortgages: 11.7%
- Foreclosures: 1 in every 2,393 homes
Wilmington is the largest city in the state of Delaware, United States and is located at the confluence of the Christina River and Brandywine Creek.
41. Wilmington, Delaware
- Median list price: $194,550
- 2-year price change: 0.5%
- Percentage of underwater mortgages: 15%
- Foreclosures: 1 in every 1,218 homes
Naples, USA - April 30, 2018: Bayfront condos, condominiums colorful, multicolored, multi-colored buildings with fountain, water, palm trees, blue sky in residential community.
40. Naples, Florida
- Median list price: $407,990
- 2-year price change: -8.8%
- Percentage of underwater mortgages: 6%
- Foreclosures: 1 in every 2,515 homes
City skyline of west palm beach.
39. West Palm Beach, Florida
- Median list price: $298,000
- 2-year price change: 1.4%
- Percentage of underwater mortgages: 7.3%
- Foreclosures: 1 in every 1,297 homes
Connecticut, Waterbury
38. Waterbury, Connecticut
- Median list price: $125,000
- 2-year price change: 11.9%
- Percentage of underwater mortgages: 29.4%
- Foreclosures: 1 in every 1,159 homes
PLAINFIELD, IL, USA - MARCH 19, 2019: A drone / aerial view of a white water tower with Plainfield painted in red with an old grain elevator standing high in the background.
37. Plainfield, Illinois
- Median list price: $284,450
- 2-year price change: 3.6%
- Percentage of underwater mortgages: 7.7%
- Foreclosures: 1 in every 1,138 homes
Wind Turbines line the hillsides outside Bakersfield, California.
36. Bakersfield, California
- Median list price: $276,400
- 2-year price change: 1.1%
- Percentage of underwater mortgages: 11.8%
- Foreclosures: 1 in every 1,095 homes
Jacksonville, Flordia
35. Jacksonville, Florida
- Median list price: $219,000
- 2-year price change: 11.8%
- Percentage of underwater mortgages: 11.2%
- Foreclosures: 1 in every 814 homes
Orlando Lake Eola
34. Orlando, Florida
- Median list price: $289,000
- 2-year price change: 5.7%
- Percentage of underwater mortgages: 6.6%
- Foreclosures: 1 in every 1,328 homes
McKinney Texas
33. McKinney, Texas
- Median list price: $379,243
- 2-year price change: -1.3%
- Percentage of underwater mortgages: 4.3%
- Foreclosures: 1 in every 2,546 homes
Summerville South Carolina
32. Summerville, South Carolina
- Median list price: $268,293
- 2-year price change: 4.9%
- Percentage of underwater mortgages: 6.3%
- Foreclosures: 1 in every 1,279 homes
Annapolis Maryland city street at dusk
31. Annapolis, Maryland
- Median list price: $499,181
- 2-year price change: 0.7%
- Percentage of underwater mortgages: 9.5%
- Foreclosures: 1 in every 3,964 homes
Aerial panorama of Stamford, Connecticut - Image.
30. Stamford, Connecticut
- Median list price: $569,950
- 2-year price change: 3.5%
- Percentage of underwater mortgages: 11.1%
- Foreclosures: 1 in every 4,498 homes
University of Illinois at Urbana Champaign
29. Champaign, Illinois
- Median list price: $164,900
- 2-year price change: 3.2%
- Percentage of underwater mortgages: 11%
- Foreclosures: 1 in every 2,173 homes
Port Saint Lucie Florida nature reserve
28. Port Saint Lucie, Florida
- Median list price: $247,280
- 2-year price change: 7.6%
- Percentage of underwater mortgages: 6.2%
- Foreclosures: 1 in every 1,171 homes
Old Main Street in downtown Bradenton, FL USA.
27. Bradenton, Florida
- Median list price: $293,700
- 2-year price change: 1.7%
- Percentage of underwater mortgages: 6.6%
- Foreclosures: 1 in every 1,799 homes
Downtown Ocala, Florida with historic building storefronts.
26. Ocala, Florida
- Median list price: $181,900
- 2-year price change: 8.9%
- Percentage of underwater mortgages: 10.3%
- Foreclosures: 1 in every 972 homes
Downtown Dayton skyline with the Miami River and skyline reflections at dusk.
25. Dayton, Ohio
- Median list price: $67,000
- 2-year price change: 16.5%
- Percentage of underwater mortgages: 27.6%
- Foreclosures: 1 in every 1,820 homes
Lehigh Acres Florida
24. Lehigh Acres, Florida
- Median list price: $180,000
- 2-year price change: 6.5%
- Percentage of underwater mortgages: 6.9%
- Foreclosures: 1 in every 1,189 homes
Bridge in Rockford, Illinois, USA.
23. Rockford, Illinois
- Median list price: $100,00
- 2-year price change: 10.5%
- Percentage of underwater mortgages: 21%
- Foreclosures: 1 in every 890 homes
Historic Downtown Mobile, Alabama
22. Mobile, Alabama
- Median list price: $159,900
- 2-year price change: 6.3%
- Percentage of underwater mortgages: 16.1%
- Foreclosures: 1 in every 2,149 homes
beach park in Cape Coral FL.
21. Cape Coral, Florida
- Median list price: $262,200
- 2-year price change: 4.2%
- Percentage of underwater mortgages: 5.5%
- Foreclosures: 1 in every 1,191 homes
beach cities, Fort Pierce, Florida
20. Fort Pierce, Florida
- Median list price: $199,900
- 2-year price change: 0.5%
- Percentage of underwater mortgages: 9.7%
- Foreclosures: 1 in every 1,585 homes
St. Paul's Episcopal Church in Suffolk, Virginia , USA - Image
19. Suffolk, Virginia
- Median list price: $282,785
- 2-year price change: 0%
- Percentage of underwater mortgages: 14.8%
- Foreclosures: 1 in every 1,846 homes
An aerial view of Lake Redington and the surrounding hiking trails of the Patuxent River in Laurel, Maryland.
18. Laurel, Maryland
- Median list price: $350,000
- 2-year price change: -2.8%
- Percentage of underwater mortgages: 12.6%
- Foreclosures: 1 in every 1,457 homes
Joliet is a city in Kendall and Will counties in the U.
17. Joliet, Illinois
- Median list price: $169,900
- 2-year price change: 9.6%
- Percentage of underwater mortgages: 15.5%
- Foreclosures: 1 in every 812 homes
The Rattler at Wild Adventures Theme Park in Valdosta Georgia
16. Valdosta, Georgia
- Median list price: $154,900
- 2-year price change: 0%
- Percentage of underwater mortgages: 22.7%
- Foreclosures: 1 in every 3,304 homes
Decatur Illinois
15. Decatur, Illinois
- Median list price: $99,900
- 2-year price change: 8.5%
- Percentage of underwater mortgages: 20.4%
- Foreclosures: 1 in every 5,785 homes
Elgin-Illinois
14. Elgin, Illinois
- Median list price: $240,000
- 2-year price change: 7.8%
- Percentage of underwater mortgages: 11.9%
- Foreclosures: 1 in every 1,223 homes
Amazing view of a colorful landscape after the storm, summer season in Riverview, Florida.
13. Riverview, Florida
- Median list price: $252,990
- 2-year price change: 2.2%
- Percentage of underwater mortgages: 7.2%
- Foreclosures: 1 in every 796 homes
downtown Atlanta Georgia skyline
12. Atlanta
- Median list price: $339,500
- 2-year price change: 1.6%
- Percentage of underwater mortgages: 8.8%
- Foreclosures: 1 in every 1,942 homes
The city of Lawton is the county seat of Comanche County, in the State of Oklahoma.
11. Lawton, Oklahoma
- Median list price: $99,900
- 2-year price change: 5%
- Percentage of underwater mortgages: 25.7%
- Foreclosures: 1 in every 1,661 homes
Hampton Virginia lighthouse
10. Hampton, Virginia
- Median list price: $182,000
- 2-year price change: 4.8%
- Percentage of underwater mortgages: 19.9%
- Foreclosures: 1 in every 2,148 homes
Aurora is a suburb of Chicago located in the outer region of Greater Chicago in the U.
9. Aurora, Illinois
- Median list price: $220,000
- 2-year price change: 4.7%
- Percentage of underwater mortgages: 11.8%
- Foreclosures: 1 in every 1,491 homes
Bridgeport is a historic seaport city in the U.
8. Bridgeport, Connecticut
- Median list price: $189,900
- 2-year price change: 11.1%
- Percentage of underwater mortgages: 26.9%
- Foreclosures: 1 in every 1,453 homes
The view of Norfolk downtown in the evening light (West Virginia).
7. Norfolk, Virginia
- Median list price: $220,000
- 2-year price change: 3.3%
- Percentage of underwater mortgages: 20.6%
- Foreclosures: 1 in every 2,094 homes
Miami, USA - August 23, 2014: people enjoy Palm trees and art deco hotels at Ocean Drive by night.
6. Miami Beach, Florida
- Median list price: $499,000
- 2-year price change: -5%
- Percentage of underwater mortgages: 14.5%
- Foreclosures: 1 in every 2,374 homes
Baltimore, Maryland, USA skyline on the Inner Harbor.
5. Baltimore
- Median list price: $169,900
- 2-year price change: 17.1%
- Percentage of underwater mortgages: 26.5%
- Foreclosures: 1 in every 1,376 homes
Columbus-GA
4. Columbus, Georgia
- Median list price: $115,450
- 2-year price change: -10.2%
- Percentage of underwater mortgages: 22.2%
- Foreclosures: 1 in every 1,172 homes
Houses and Riverfront of the Elizabeth River in Portsmouth, Virginia during dawn with magenta, purple, and pink clouds.
3. Portsmouth, Virginia
- Median list price: $165,700
- 2-year price change: 1.5%
- Percentage of underwater mortgages: 19.4%
- Foreclosures: 1 in every 730 homes
Lakewood New Jersey
2. Lakewood, New Jersey
- Median list price: $252,000
- 2-year price change: -12.3%
- Percentage of underwater mortgages: 9.4%
- Foreclosures: 1 in every 1,187 homes
Illinois, Peoria - Illinois
1. Peoria, Illinois
- Median list price: $124,450
- 2-year price change: -15.9%
- Percentage of underwater mortgages: 21%
- Foreclosures: 1 in every 932 homes
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This article originally appeared on GOBankingRates.com: 50 Housing Markets That Are Turning Ugly