Five US cities threatened by a housing crisis
After more than 10 years after the collapse in the US housing market, a new crisis is brewing in this area.
Фото: Depositphotos
According to a new study, there are at least 40 US cities that face another housing crisis, writes Fox Business.
These findings are based on the percentage of mortgages with negative equity, which means that the house ultimately costs less than the total cost of the mortgage; as well as data on delinquencies and foreclosures due to mortgage defaults.
Top-5 US cities facing a housing crisis:
5. Hartford, CT
Hartford's homeownership rate of 4,3% is more than twice the national average. The city also has a high vacancy rate of rental housing units, with 9,2% of rental housing remaining unoccupied. The average home price in Hartford is about $130; approximately 900% of mortgages have negative equity.
On the subject: 10 areas of the United States with the most reliable and promising housing market
4. Baltimore, MD
26,5% mortgage loans here have a negative increase. Baltimore also has a high vacancy rate among homeowners, 4,4% of housing is empty. The average cost of a house here is 119 200 dollars.
3. Bridgeport, CT
With an average home cost in 176, 200 dollars are roughly 26,9% of homes in the city cost less than the cost of their mortgage. In addition, there is a high level of delinquency and housing foreclosures.
On the subject: Chance for your home: mortgage rates are falling in the US
2. Detroit, MI
The city's median home price of $161 is well below the national average of $300. A whopping 226% of homes here have negative equity.
1. Newark, NJ
New Jersey's largest city has a high vacancy rate among both homeowners and rental housing: 5,2% and 9,5%, respectively. By comparison, the national average is 1,7% for owning a home and 6,1% for renting. In addition, the city also has a high mortgage payment delinquency rate, with nearly 6,4% of homes delinquent on their payments, six times the national average.
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