Several cities across the nation have an unfortunate trophy sitting on their mantle – the title of a city with the most homes in foreclosure. Unfortunate sellers in these towns won’t have to just compete in a poor market, but also with homes at rock bottom prices because they sit empty. From NBC News.com,
Places hard hit by the housing downturn also experienced higher levels of unemployment. As of May 2012, all but one of the metro areas on this list had an unemployment rate higher than the 8.2 percent national rate. Three of the metropolitan areas on the list had an unemployment rate above 10 percent. The high unemployment in these areas is serving as a barrier to housing recovery. Home prices in all 10 of these metro areas are expected to drop in 2012, with home prices in all but one of the metro areas expected to fall more than the U.S. decline of just under 1 percent this year.
If you live in Riverside-San Bernardino, California; Atlanta, Georgia; Sacramento, California; Phoenix, Arizona; or Las Vegas, Nevada, it may be awhile before you can sell.
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