In a September “home value forecast” Pro Teck Valuation Services predicted that the much anticipated foreclosure flood will not happen. The report supports the notion that the real estate crisis is not national but concentrated in specific local markets.
Top-Markets-Forclosures
The explanation was detailed in the report and summarized by CEO, Tom O’Grady who stated,
“With regard to the U.S. foreclosure inventory, there has been a misperception that it is a problem for the entire market. In fact, it is quite concentrated in specific cities and neighborhoods. For this reason, potential buyers who have been waiting for bargain prices in desirable neighborhoods may be disappointed.”
Top and bottom performing markets –Core Based Statistical Area( CBSA– metro and micro areas) rankings considered factors including prices, inventory levels, changes in sales trends and REO sales. The common denominator for best markets is a declining number of available listings.
Top 10 CBSAs
Top-Markets-Foreclosures
- Oxnard-Thousand Oaks-Ventura, CA
- Seattle-Bellevue-Everett, WA
- San Diego-Carlsbad-San Marcos, CA
- Los Angeles-Long Beach-Glendale, California
- Santa Ana-Anaheim-Irvine, California
- Houston-Sugar Land-Baytown, Texas
- Baltimore-Towson, Maryland
- Fort Worth-Arlington, Texas
- Austin-Round Rock-San Marcos, Texas
- San Antonio-New Braunfels, Texas
Bottom 10 CBAs
- New Haven-Milford, Connecticut
- Bridgeport, Stamford, Norwalk, Connecticut
- Augusta-Richmond County, Georgia-South Carolina
- Rochester, New York
- Spokane, Washington
- Portland-Vancouver-Hillsborough, Oregon-Washington
- New York-White Plains-Wayne, New York-New Jersey
- Edison, New Jersey
- Nassau-Suffolk, New York
- Newark-Union, New Jersey-Pennsylvania
Source: DSNews.com. Pro Teck Ranks Top Markets, Says Foreclosure Flood Won’t Happen. Esther Cho. 9/28/2012.
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