According to a recent report by GOBankingRates, there are several cities around the country that are vulnerable based on their foreclosure and delinquency rates – some markets seem ripe for a sharp decline.
There are multiple criteria: percentage of homes with mortgage payments, homeowner vacancy rates and rental vacancy rates. The survey ranked 40 cities with some showing red flashing signals. The top of the list of cities with was Newark, New Jersey which had the highest delinquency rate and the highest homeowner vacancy rate – it was number one on the list. Other Northeast cities on the list are Brideport, Conn, Hartford, Conn, and Philadelphia, Syracuse and New York.
Not all of the analysts believe that these areas are in trouble. According to this article the inner cities are less vulnerable than than the suburbs. In the southern cities there are ones that stand out – Birmingham, Alabama, Columbus, Georgia and Jacksonville, Florida. Others are New Orleans, Louisiana and Norfolk, Virginia.
As long as there is a job creating economy, according to analysts, many of these cites will be supported, still, some are already starting to top out.