7 Housing Markets Needing Big Jolt in 2013
Daily Real Estate News | Wednesday, January 02, 2013
While the housing market has made notable gains in the past year, some areas are seeing a longer road to recovery. AOL Real Estate recently listed some of the least healthy housing markets going into 2013, based on employment, foreclosures, home sales, and prices.
Nearly all of these housing markets have seen notable improvements recently, but they still remain the nation’s least healthy housing markets entering 2013, according to AOL Real Estate.
- Detroit: Foreclosures remain high and home values lost nearly 60 percent of their peak value.
- Fort Lauderdale, Fla.: Home prices likely hit bottom in 2012 but Fort Lauderdale still has the nation’s third largest foreclosure inventory.
- Miami: Foreign buyers are driving demand for luxury housing here, but Miami still faces the fourth highest unemployment rate in the nation.
- West Palm Beach, Fla.: Foreclosures remain high here with one out of every 349 homes having received a foreclosure notice in July.
- Cape Coral-Fort Myers, Fla.: While higher construction permits is a bright spot here, the area faces high foreclosure rates.
- Palm Bay-Melbourne-Titusville, Fla.: Home sale prices have remained low, and this market was dubbed the No. 1 “foreclosure capital” in the nation as of July.
- Chicago: Foreclosures remain high with the foreclosure rate rising 18 percent in 2012.
Source: “Housing Market 2013: Best and Worst Cities in the New Year,” AOL Real Estate (Jan. 1, 2013)