Tuesday, November 8, 2011

Top 10 Cities with underwater mortgages

It isn’t surprising that Las Vegas tops the list with 63.96% or 2 out of every 3rd home is underwater.
What is surprising is Las Vegas is way out front by almost 10% more than Phoenix listed 2nd at 53.96%.
Unemployment in Vegas is 14.2% well above the national average.

Here’s the list put out by the National Association of Mortgage Brokers (NAMB)

10. Bakersfield, CA

9. Lakeland – Winter Haven FL

8. Port St. Lucie, FL

7. Vallejo- Fairfield, CA

6. Modesto, CA

5. Orlando-Kissimmee – Sanford, FL

4. Reno-Sparks, NV

3. Stockton, CA

2. Phoenix-Mesa-Glendale, AZ

1. Las Vegas- Paradise, NV

Top 10 Cities with mortgages staying afloat

Price increases of 7% the largest in the nation per Vero-Forecast go to Hawaii also with the lowest unemployment rate in the nation at 5.5%. Hawaii has a general high demand for homes. Property in the islands, have a higher value then US average. Census Bureau’s stats puts 58.3% of Honolulu homes over $500,000 compared to national average of 10.5%.

10. Honolulu, HI

9. Pittsburg, PA

8. Oklahoma City, OK

7. Lancaster, PA

6. Huntsville, AL

5. Fayetteville, NC

4. Buffalo-Niagara Falls, NY

3. Albany- Schenectady-Troy, NY

2. El Paso, TX

1. Rochester, NY
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