We're always interested in updates about the state of housing and while it's hard to predict what's next, there is some research arising.
Finance website GOBankingRates recently released a study that pinpoints the 40 cities that might be most likely to go into a housing crisis. These areas are "much more vulnerable to a housing downturn than others," according to the site.
"Using data from sources that include the U.S. Census Bureau, the Consumer Financial Protection Bureau, the 2019 American Community Survey, and RealtyTrac, GOBankingRates identified the 40 cities most at risk for experiencing a widespread housing crisis," the site explains. "The study examined factors such as mortgage delinquencies, foreclosures, and homeowner and rental vacancy rates."
This recent Twitter thread from Glenn Kelman, the CEO of real estate brokerage Redfin, recently shed some light on the volatile nature of the housing market, too. For starters, bidding is extremely competitive; Redfind found that out of 2,000 homebuyers, 63% of them actually bid on a home they didn't see IRL. And some people are going the extra step; Kelman tweeted: "For example, a Bethesda, Maryland, homebuyer working with @Redfin included in her written offer a pledge to name her first-born child after the seller. She lost."
GOBankingRate points out that all 40 cities on the list are "among the 200 largest cities in the country." Here are some of the cities; you can see the full report here.
- Hartford, Connecticut
- Pittsburgh, Pennsylvania
- Hampton, Virginia
- Clearwater, Florida
- Corpus Christi, Texas
- Newark, New Jersey
- San Antonio, Texas
- Killeen, Texas
- Louisville, Kentucky
- Jacksonville, Florida