Top 10 Safe and Risky Housing Markets
According to the PMI Mortgage Insurance Company, which makes its money by insuring loans against default, has published its list of the 10 safest and riskiest housing markets. Seven of the 10 markets facing the highest risk of price declines in the next two years are in Florida. Six of ten markets which were determined to be of the least risk are in North Dakota and Iowa.
The PMI Risk Index takes considers factors such as unemployment, foreclosures, inventory levels and price volatility. The good news is that the risk further home-price declines decreased in 93 percent of the 384 markets tracked by PMI. The huge drop in risk was largly due to improvements in affordability and declining foreclosures.
10 riskiest housing markets
1. Naples-Marco Island, Fla.
2. Lake Havasu City-Kingman, Ariz.
3. Cape Coral-Fort Myers, Fla.
4. Lakeland-Winter Haven, Fla.
5. Palm Coast, Fla.
6. Miami-Miami Beach-Kendall, Fla.
7. Port St. Lucie, Fla.
8. Riverside-San Bernardino-Ontario, Calif.
9. Las Vegas-Paradise, Nev.
10. Fort Lauderdale-Pompano Beach-Deerfield Beach, Fla.
10 least risky markets
1. Grand Forks, N.D.-Minn.
2. Fargo N.D.-Minn.
3. Killeen-Temple-Fort Hood, Texas
4. Fayetteville, N.C.
5. Iowa City, Iowa
6. Ames, Iowa
7. Cedar Rapids, Iowa
8. Morgantown, W.V.
9. Texarkana, Texas-Ark.
10. Bismark, N.D.
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You can also work with non-profit foreclosure help organizations. They will help you budget and deal with any other credit problems that are making paying your loan difficult. Use caution when choosing one of these companies, as many claim consumer help companies are actually out to make a profit on your circumstances through fees and charges. Check with the National Foundation for Credit Counseling or the Housing and Urban Development Department to find good credit counseling services.
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