Generally, people believe the housing market will rebound; I mean it has to right?
Well, according to the experts, there?s good news and bad news.
According to Fiserv-Case Schiller, housing prices are down 33.3 percent since they hit the ceiling in 2006. However, according to the data, prices are supposed to increase by 3.9% by the year 2017.
That doesn?t necessarily mean the housing market, as a whole will continue it?s pathetic demise with little growth, say the experts.
Some areas of our great country just happen to be prone for terrible housing growth, whereas, some areas are in a position to reap the benefits of a turnaround market if one is to rear its pretty little head. Unfortunately, it hasn?t yet done so, just like the job market; causing many to fall into deep debt after losing their jobs or going into unemployment bankruptcy and foreclose on their home.
Yahoo has devised a list of the projected 10 worst housing markets in the country in the upcoming years. Let?s just hope you don?t currently live in one of these areas nor going to move to one of these allegedly doomed cities.
10. Phoenix-Mesa-Glendale, Arizona
Annualized expected growth from 2012 ? 2017: 0.9 percent
The Phoenix-Mesa-Glendale metro area has a median home price of $144,000 and home prices are 52.7 percent off their Q2 2006 peak. It also has a population of 4.26 million, an unemployment rate of 7.2 percent a median family income of $59,400.
9. Amarillo, Texas
Annualized expected growth from 2012 ? 2017: 0.9 percent
Amarillo has a median home price of $127,000 and a median family income of $62,200. It also has a population of 253,823, an unemployment rate of 4.9 percent.
8. Austin-Round Rock-San Marcos, Texas
Annualized expected growth from 2012 ? 2017: 1.0 percent
Home prices in the Austin-Round Rock-San Marcos area have fallen 1.5 percent since the first quarter of 2009. It also has a median home price of $193,000.
The metro has a population of 1.8 million, a relatively low unemployment rate of 5.9 percent, and a median family income of $72,800.
7. Elmira, New York
Annualized expected growth from 2012 ? 2017: 1.0 percent
Elmira has a population of 88,840, an unemployment rate of 8.8 percent and a median family income of $58,000, below the national median of $62,900.
6. San Angelo, Texas
Annualized expected growth from 2012 ? 2017: 1.1 percent
San Angelo has a population of 113,443, a relatively low unemployment rate of 5.3 percent and a median family income of $55,000.
7. Elmira, New York
Annualized expected growth from 2012 ? 2017: 1.0 percent
Elmira has a population of 88,840, an unemployment rate of 8.8 percent and a median family income of $58,000, below the national median of $62,900.
6. San Angelo, Texas
Annualized expected growth from 2012 ? 2017: 1.1 percent
San Angelo has a population of 113,443, a relatively low unemployment rate of 5.3 percent and a median family income of $55,000.
5. St. George, Utah
Annualized expected growth from 2012 ? 2017: 1.1 percent
St. George?s metro prices have fallen 37.1 percent since their Q4 2006 peak. It has a population of 141,666, an unemployment rate of 7.7 percent and a median family income of $55,400.
4. Gadsden, Alabama
Annualized expected growth from 2012 ? 2017: 1.1 percent
Gadsden?s home prices have declined 1.9 percent since their Q1 2009 peak.
The metro has a population of 104,303, an unemployment rate of 7.4 percent and a median family income of $41,100.
3. Shreveport-Bossier City, Louisiana
Annualized expected growth from 2012 ? 2017: 1.1 percent
Shreveport-Bossier City has a median home price of $151,000 and the metro?s home prices area down 0.9 percent since they peaked in Q3 2010.
It has a population of 403,595, an unemployment rate of 7.2 percent, and a median family income of $54,900.
2. Columbia, Missouri
Annualized expected growth from 2012 ? 2017: 1.2 percent
Columbia has a median home price of $145,000 and its home prices are down 0.5 percent since their Q1 2008 peak.
It has a population of 175,831, an unemployment rate of 5.1 percent, and a median family income of $63,900.
1. Atlantic City-Hammonton, New Jersey
Annualized expected growth from 2012 ? 2017: 1.2 percent
The Atlantic City-Hammonton metro area has a median home price of $193,000, above the national median of $159,000. And its home prices are 35.3 percent lower than they were during their peak in the second quarter of 2006.
It has a population of 274,338, an unemployment rate of 12.6 percent, much higher than the national average of 8.2 percent, and a median family income of $64,200 above the national median of $62,900.
Source: Yahoo Finance
Source: http://www.clearbankruptcy.com/blog/the-10-worst-future-housing-markets/
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