America's Riskiest Cities for Homeowners

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America's Riskiest Cities for Homeowners

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When we thought that the foreclosure crisis is already over, we realize that it's just starting with its next phase. Although a number of key cities in the United States have started to acquire glowing foreclosure figures, there are still a number of cities that are considered to be at risk of more foreclosures in the future. Potential homeowners are advised to stay away from this cities if they intend to purchase new homes.

Topping the Yahoo! list is Las Vegas. But it is not alone as the cities of Memphis, Orland, and Riverside, Calif. also have thousands of homeowners who might just lose their homes in the coming months. These homeowners have delinquent loan payments, which are not likely to be salvaged in the foreseeable future.

In all of the cities in the Top 10 list except Orlando and Miami, the average foreclosure rate is much lower than the loan delinquency rate, in part because of the efforts of state governments to delay the foreclosure of these homes. Nonetheless, the delinquency rate (defined to be the portion of homes with more than 90 days of delinquency), stand at about 7% of all households, much higher compared to the average of 4.4% delinquency rate among the country's 100 largest metropolitan areas. This presents a brief overview of just how much bad it is in these cities' real estate sectors.

It is also worth noting that the cities that comprise most of the list are in those states whose prices have shot up high during the housing boom. Examples would be Florida, Nevada, and California. Now that the bubble burst, homeowners now find themselves with debt much higher than the actual values of their homes.

Sure, their respective governments may salvage the situation now, but until when, we wonder? At one point in the future, the guard will fall down and all hell will break loose. It's just a matter of time. Steer clear from these cities unless you want to end up in empty neighborhoods.

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Tags: • debt • california • nevada • florida • miami • orlando • memphis • foreclosure • new homes • las vegas • real estate • housing boom • united states • foreclosure rate • loan delinquency • foreclosure crisis • real estate sectors • cities • riskiest cities •

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