|
DEDICATED TO ADVANCING EXCELLENCE
|
| CALED is the premier statewide professional economic
development organization dedicated to advancing excellence
in economic development in California
Contact us for further information at 916-448-8252
or at www.CALED.org
|
CALIFORNIA BUSINESS MINUTE
Worst Housing Markets
08-04-10
Hi, I am Tim Johnson and welcome to the California Business Minute.
Six out of the ‘Top Ten Worst Housing Markets in the Nation’ are located in
California according to a ranking by the website 24/7 Wall Street. The review
examined foreclosures in the first half of 2010, utilizing information from
the real estate information firm RealtyTrac. Foreclosure rates are based on
the number of housing units out of 100 in a metropolitan area that received a
foreclosure notice in the first half of 2010. In addition the analysis looked
at unemployment by city (defined by the Bureau of Labor Statistics top 200
urban areas of population by size).
While no further information is provided on the methodology, it appears that
the foreclosure rate received the higher weight in the survey. However, there
is no explanation for San Bernardino-Riverside-Ontario being ranked higher
than Stockton with the same foreclosure rate, specifically given it has a lower
unemployment rate.
Nevertheless, below is the ranking.
TOP TEN WORST HOUSING MARKETS IN THE NATION 1ST HALF 2010
City Foreclosure Rate Unemployment Rate
Las Vegas-Paradise, NV 6.60% 14.5%
Cape Coral-Ft. Meyers FL 4.98% 13.0%
Modesto 4.59% 17.3%
Merced 4.47% 18.0%
Riverside-San Bernardino – Riverside 4.37% 14.4%
Stockton 4.37% 16.5%
Vallejo-Fairfield 3.91% 12.2%
Reno-Sparks, NV 3.76% 13.6%
Bakersfield 3.67% 15.7%
Port St. Lucie, FL 3.05% 13.4%
I am Tim Johnson and this has been the California Business Minute.
NOTE: See 05-25-10 on similar ranking.
|
|
INSIDE CALIFORNIA'S ECONOMY
|
|
