Florida: Housing Will Recover Later

Nothing to add.  Don’t believe the politicians and real estate agents.

…here are the five states where the housing recovery will be a lot longer in the making:

1. Nevada

The poster child for the housing boom was Las Vegas but now it’s lights out on Glitter Gulch. The state has the highest mortgage delinquency rate in the country at 8.3%, the highest unemployment rate at 14.4% and has suffered the biggest peak-trough home-price declines of any area, a 56.4% tumble.

2. Michigan

Not a state that enjoyed the boom, but one really feeling the bust. It has the second-highest unemployment rate in the nation at 13.1% and mortgage delinquencies hit 5.1% of outstanding loans. Home prices have also fallen hard, 31.7% from the peak.

3. California

The second-highest mortgage delinquency rate in the country at 6.0%, the third-worst unemployment rate at 12.4% and home-price declines of 40.8% put the Golden State on a long path to health.

4. Florida

Tying California with a 6.0% mortgage delinquency rate but beating its cross-coast rival with a home-price decline of 46.9%, Florida also won’t be doing well anytime soon. An unemployment rate of 11.7% doesn’t help.

5. Rhode Island

Unemployment trips up Rhode Island, which ties for the fourth highest rate in the country at 11.7%. Home-prices declines were 25.6% and 4.9% of mortgages are delinquent.

via The 5 states where housing will recover first – MarketWatch.

About Stephen E. McGaughey
International consultant in economic development programs and projects

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