Worst Cities to Live In
With the market constantly changing, it can be hard for people to keep up. One day we are improving and the next thing we know, we aren’t. It has become a frustrating process for citizens and its effects can be seen in different areas. The housing market is one that has been hit hard by the economy. Recently, it seemed that things were improving. Foreclosure rates were on the decline but they have now seen a 14% increase in the last two quarters. Due to the decline on a national level, many cities have seen foreclosure increases on a much higher level. Not only that, but there are many cities are suffering with their credit also. In these hard economic times, it is important to understand which cities are suffering and why. This article will look at the cities with the highest foreclosure rate and worst credit scores.
In a surprising addition to the list, Columbus, Ohio is a city many assume shouldn’t be suffering. Currently, their median family income and unemployment rates are above the national average. So with these things going for them, why is their housing market suffering? Home values have been on the decline since 2006 and are expected to drop another 2.3% by 2012. The number of foreclosures in the last quarter was above 2,000 which gave them a quarterly increase of 32% foreclosure rate https://luxurylifehomes.com.
For those who want to retire to Jacksonville, Florida, I would think again. Once a popular tourist town, this cities’ housing market is now suffering. Jacksonville saw a 49% increase in the foreclosure ratings last year. Currently, this city also has a unemployment rate higher than the national average. This is probably one of the reasons this city is projected to see another 10.7% decrease in home values by the middle of next year.
With three cities grouped together, The Boston area is seeing a major hit in the home market. Boston, Cambridge, and Quincy, Massachusetts have collectively seen a 67% increase in foreclosures. The change to their market came quickly and is a little hard to understand since their unemployment rate is well below the national average.
Even though the house values haven’t dropped to much compared to the nation, and with a lower unemployment rate, many think that Albuquerque, New Mexico should be doing just fine. However they have seen the worst increase in their foreclosure rates. Actually it has been more than a 150% increase. While some find this unbelievable, the lack of jobs could be to blame.
Not to be out done by these cities that are suffering in the housing market. Texas is struggling in some major cities as far as income and credit scores. With El Paso, Tyler, And Corpus Christi on the list, things aren’t looking so good in Texas, especially if you live in Harlingen. Not only is Harlingen the worst off city in Texas, It is also the worst in the nation. The average debt is now higher than the average household income. The unemployment rate is over 12% and the average credit score is 686. The worst part about this is that 1 in 676 people can expect to lose their home due to foreclosure.