Top 5 Most Troubled Real Estate Markets

By josephine on Mar. 16, 2010.

An article from Forbes.com posted on March 1st, 2010

Top 5 Most Troubled Real Estate Markets

1. Miami, Fla.
Delinquency rate: 28.8%
Comment: In greater Miami, including Fort Lauderdale and West Palm Beach, one-quarter of mortgages are 90 days past due or worse. In Miami proper, one-fifth of mortgages are in foreclosure or converted to REO. Worst in the country by far.

2. The Rest of Florida
Delinquency rate: 16%
Comment: The only significant metro area in Florida with a delinquency rate below 10% is Pensacola, where 9% of mortgages are 90 days or more past due.

3. Las Vegas, Nev.
Delinquency rate: 21.7%
Comment: Maybe building all those high-rise condo buildings off the strip wasn’t such a great bet after all. Mortgages in foreclosure or converted to REO here are 10.2% of the total.

4. Riverside, Calif.
Delinquency rate: 19.1% Comment: Riverside’s boom is a fading memory; 7.7% of the mortgages in this metro area are either in foreclosure or converted to REO. That’s twice the 3% national average.

5. Bakersfield, Calif.
Delinquency rate: 16.4%
Comment: In this quiet area north of Los Angeles values are way down and 6.4% of mortgages are in foreclosure or converted to REO.