40 Cities That Might Be Poised For a Housing Disaster

The real estate market has been going robust the previous few years, making many residence sellers fairly rich. However with mortgage rates of interest climbing, residence gross sales are slowing and anticipated to lower additional in 2023. That slowdown is extra obvious in some cities than others, in keeping with a brand new examine from GOBankingRates.

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Utilizing knowledge from sources that embrace the U.S. Census Bureau, the Client Monetary Safety Bureau, the 2020 American Neighborhood Survey and RealtyTrac, GOBankingRates recognized the 40 cities most in danger for experiencing a widespread housing disaster. The examine examined elements akin to mortgage delinquencies, foreclosures and house owner and rental emptiness charges.

All 40 are among the many 200 largest cities within the nation, however they are not unfold out equally throughout the nation. They’re concentrated in 18 states, with just one state within the West. Learn on to study which cities could be poised to experience a housing crisis.

Jacksonville, Florida

Whole housing models: 348,809
% of mortgages 30-89 days delinquent: 0.8%
% of mortgages 90+ days delinquent: 0.6%
% of properties on the market which are/have been foreclosures: 46.56%
House owner emptiness charge: 2.0%

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Aurora, Illinois

Whole housing models: 65,128
% of mortgages 30-89 days delinquent: 0.7%
% of mortgages 90+ days delinquent: 0.6%
% of properties on the market which are/have been foreclosures: 77.65%
House owner emptiness charge: 0.9%

El Paso, Texas

Whole housing models: 230,905
% of mortgages 30-89 days delinquent: 1.1%
% of mortgages 90+ days delinquent: 0.6%
% of properties on the market which are/have been foreclosures: 19.48%
House owner emptiness charge: 1.6%

Anchorage, Alaska

Whole housing models: 106,970
% of mortgages 30-89 days delinquent: 0.8%
% of mortgages 90+ days delinquent: 0.4%
% of properties on the market which are/have been foreclosures: 83.33%
House owner emptiness charge: 1.8%

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Akron, Ohio

Whole housing models: 85,170
% of mortgages 30-89 days delinquent: 0.8%
% of mortgages 90+ days delinquent: 0.7%
% of properties on the market which are/have been foreclosures: 44.13%
House owner emptiness charge: 1.7%

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Killeen, Texas

Whole housing models: 54,840
% of mortgages 30-89 days delinquent: 0.8%
% of mortgages 90+ days delinquent: 0.7%
% of properties on the market which are/have been foreclosures: 11.90%
House owner emptiness charge: 3.9%

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Charleston, South Carolina

Whole housing models: 57,226
% of mortgages 30-89 days delinquent: 0.9%
% of mortgages 90+ days delinquent: 0.7%
% of properties on the market which are/have been foreclosures: 44.21%
House owner emptiness charge: 1.3%

Little Rock, Arkansas

Whole housing models: 83,525
% of mortgages 30-89 days delinquent: 1.0%
% of mortgages 90+ days delinquent: 0.7%
% of properties on the market which are/have been foreclosures: 10.34%
House owner emptiness charge: 2.4%

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Wilmington, North Carolina

Whole housing models: 53,830
% of mortgages 30-89 days delinquent: 0.8%
% of mortgages 90+ days delinquent: 0.5%
% of properties on the market which are/have been foreclosures: 84.56%
House owner emptiness charge: 1.1 %

Tulsa, Oklahoma

Whole housing models: 163,368
% of mortgages 30-89 days delinquent: 0.9%
% of mortgages 90+ days delinquent: 0.7%
% of properties on the market which are/have been foreclosures: 29.81%
House owner emptiness charge: 2.0%

Evansville, Indiana

Whole housing models: 51,706
% of mortgages 30-89 days delinquent: 1.0%
% of mortgages 90+ days delinquent: 0.7%
% of properties on the market which are/have been foreclosures: 28.01%
House owner emptiness charge: 2.1%

Miami, Florida

Whole housing models: 180,676
% of mortgages 30-89 days delinquent: 0.7%
% of mortgages 90+ days delinquent: 0.6%
% of properties on the market which are/have been foreclosures: 69.72%
House owner emptiness charge: 2.2%

Gainesville, Florida

Whole housing models: 51,180
% of mortgages 30-89 days delinquent: 0.7%
% of mortgages 90+ days delinquent: 0.6%
% of properties on the market which are/have been foreclosures: 21.28%
House owner emptiness charge: 3.6%

Rochester, New York

Whole housing models: 88,006
% of mortgages 30-89 days delinquent: 0.8%
% of mortgages 90+ days delinquent: 0.5%
% of properties on the market which are/have been foreclosures: 78.72%
House owner emptiness charge: 1.4%

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Baltimore, Maryland

Whole housing models: 242,499
% of mortgages 30-89 days delinquent: 0.9
% of mortgages 90+ days delinquent: 0.7%
% of properties on the market which are/have been foreclosures: 28.70%
House owner emptiness charge: 3.1%

New York, New York

Whole housing models: 3,191,691
% of mortgages 30-89 days delinquent: 0.6%
% of mortgages 90+ days delinquent: 0.7%
% of properties on the market which are/have been foreclosures: 70.88%
House owner emptiness charge: 1.8%

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Baton Rouge, Louisiana

Whole housing models: 85,091
% of mortgages 30-89 days delinquent: 1.3%
% of mortgages 90+ days delinquent: 0.7%
% of properties on the market which are/have been foreclosures: 19.54%
House owner emptiness charge: 1.6%

Cleveland, Ohio

Whole housing models: 174,920
% of mortgages 30-89 days delinquent: 0.9%
% of mortgages 90+ days delinquent: 0.6%
% of properties on the market which are/have been foreclosures: 65.05%
House owner emptiness charge: 1.7%

Fort Lauderdale, Florida

Whole housing models: 74,968
% of mortgages 30-89 days delinquent: 0.7%
% of mortgages 90+ days delinquent: 0.6%
% of properties on the market which are/have been foreclosures: 52.97%
House owner emptiness charge: 4.1%

Orlando, Florida

Whole housing models: 113,238
% of mortgages 30-89 days delinquent: 0.6%
% of mortgages 90+ days delinquent: 0.5%
% of properties on the market which are/have been foreclosures: 48.31%
House owner emptiness charge: 5.0%

Winston-Salem, North Carolina

Whole housing models: 96,611
% of mortgages 30-89 days delinquent: 1.3%
% of mortgages 90+ days delinquent: 0.6%
% of properties on the market which are/have been foreclosures: 36.90%
House owner emptiness charge: 2.1%

Houston, Texas

Whole housing models: 874,827
% of mortgages 30-89 days delinquent: 0.9%
% of mortgages 90+ days delinquent: 0.6%
% of properties on the market which are/have been foreclosures: 73.98%
House owner emptiness charge: 1.9%

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Yonkers, New York

Whole housing models: 75,864
% of mortgages 30-89 days delinquent: 0.6%
% of mortgages 90+ days delinquent: 0.7%
% of properties on the market which are/have been foreclosures: 86.75%
House owner emptiness charge: 1.2%

Cell, Alabama

Whole housing models: 78,089
% of mortgages 30-89 days delinquent: 1.4%
% of mortgages 90+ days delinquent: 0.7%
% of properties on the market which are/have been foreclosures: 24.03%
House owner emptiness charge: 1.8%

Philadelphia, Pennsylvania

Whole housing models: 613,125
% of mortgages 30-89 days delinquent: 0.9%
% of mortgages 90+ days delinquent: 0.7%
% of properties on the market which are/have been foreclosures: 59.27%
House owner emptiness charge: 1.5%

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Greensboro, North Carolina

Whole housing models: 118,126
% of mortgages 30-89 days delinquent: 1.3%
% of mortgages 90+ days delinquent: 0.6%
% of properties on the market which are/have been foreclosures: 49.12%
House owner emptiness charge: 1.4%

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Augusta, Georgia

Whole housing models: 70,891
% of mortgages 30-89 days delinquent: 1.1%
% of mortgages 90+ days delinquent: 0.7%
% of properties on the market which are/have been foreclosures: 23.81%
House owner emptiness charge: 3.1%

Macon, Georgia

Whole housing models: 58,154
% of mortgages 30-89 days delinquent: 1.1%
% of mortgages 90+ days delinquent: 0.8%
% of properties on the market which are/have been foreclosures: 19.96%
House owner emptiness charge: 2.7%

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Pittsburgh, Pennsylvania

Whole housing models: 140,496
% of mortgages 30-89 days delinquent: 1.0%
% of mortgages 90+ days delinquent: 0.7%
% of properties on the market which are/have been foreclosures: 64.68%
House owner emptiness charge: 1.3%

Fayetteville, North Carolina

Whole housing models: 82,242
% of mortgages 30-89 days delinquent: 0.9%
% of mortgages 90+ days delinquent: 0.8%
% of properties on the market which are/have been foreclosures: 21.67%
House owner emptiness charge: 3.7 %

Newark, New Jersey

Whole housing models: 102,195
% of mortgages 30-89 days delinquent: 0.6%
% of mortgages 90+ days delinquent: 0.7%
% of properties on the market which are/have been foreclosures: 74.96%
House owner emptiness charge: 2.8%

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Rockford, Illinois

Whole housing models: 62,011
% of mortgages 30-89 days delinquent: 1.2%
% of mortgages 90+ days delinquent: 0.7%
% of properties on the market which are/have been foreclosures: 58.26%
House owner emptiness charge: 1.6%

Springfield, Massachusetts

Whole housing models: 56,804
% of mortgages 30-89 days delinquent: 0.9%
% of mortgages 90+ days delinquent: 0.8%
% of properties on the market which are/have been foreclosures: 79.75%
House owner emptiness charge: 1.0%

Montgomery, Alabama

Whole housing models: 79,331
% of mortgages 30-89 days delinquent: 1.2%
% of mortgages 90+ days delinquent: 0.8%
% of properties on the market which are/have been foreclosures: 33.68%
House owner emptiness charge: 1.9%

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Toledo, Ohio

Whole housing models: 119,215
% of mortgages 30-89 days delinquent: 1.0%
% of mortgages 90+ days delinquent: 0.7%
% of properties on the market which are/have been foreclosures: 93.16%
House owner emptiness charge: 1.7%

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Dayton, Ohio

Whole housing models: 58,748
% of mortgages 30-89 days delinquent: 0.9%
% of mortgages 90+ days delinquent: 0.7%
% of properties on the market which are/have been foreclosures: 70.02%
House owner emptiness charge: 3.6 %

Lafayette, Louisiana

Whole housing models: 50,252
% of mortgages 30-89 days delinquent: 1.4%
% of mortgages 90+ days delinquent: 0.8%
% of properties on the market which are/have been foreclosures: 23.77%
House owner emptiness charge: 2.4%

Shreveport, Louisiana

Whole housing models: 75,680
% of mortgages 30-89 days delinquent: 1.4%
% of mortgages 90+ days delinquent: 1.0%
% of properties on the market which are/have been foreclosures: 7.48%
House owner emptiness charge: 2.1%

Syracuse, New York

Whole housing models: 56,384
% of mortgages 30-89 days delinquent: 1.0%
% of mortgages 90+ days delinquent: 1.0%
% of properties on the market which are/have been foreclosures: 58.07%
House owner emptiness charge: 3.2%

Laredo, Texas

Whole housing models: 72,328
% of mortgages 30-89 days delinquent: 2.1%
% of mortgages 90+ days delinquent: 1.1%
% of properties on the market which are/have been foreclosures: 49.07%
House owner emptiness charge: 1.1%

Extra From GOBankingRates

Methodology: To seek out the 40 cities that may very well be poised for a housing disaster, GOBankingRates seemed on the largest 200 cities by way of complete housing models throughout the next elements: (1) % of mortgages 30-89 days delinquent by MSA as sourced from the Client Monetary Safety Bureau; (2) % of mortgages 90-plus days delinquent by MSA as sourced from the Client Safety Bureau; (3) house owner emptiness charge as sourced from the 2020 American Neighborhood Survey; and (4) rental emptiness charge as sourced from the 2020 American Neighborhood Survey. These 4 elements had been then scored and mixed with the very best rating indicating the town more than likely to be poised for a housing disaster. Elements (1) and (2) had been weighted 2x and issue (4) was weighted 0.5x. The 100 cities most poised for a housing disaster had been moved onto the subsequent spherical of scoring. These 100 cities had been then re-ranked and scored on the 4 elements above in addition to (5) foreclosures charge as sourced from RealtyTrac. These 5 elements had been scored and mixed with the very best rating indicating the town more than likely to be poised for a housing disaster. For this second spherical of scoring, elements (1) and (2) had been weighted 2x, issue (4) was weighted 0.5x, and issue (5) was weighted 1.5x. All knowledge was collected on and updated as of Could 23, 2022.

This text initially appeared on GOBankingRates.com: 40 Cities That Could Be Poised For a Housing Crisis

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