Builder's Weakest Housing Markets 2009
The Builder determined 15 America’s weakest housing markets 2009. Florida and California house builders seem to be in trouble more than others.
The current situation of house builders in America now is a matter of great interest. The Builder magazine has done a research of the US homebuilding. Having analyzed modern America’s builders and contractors the Builder presented the weakest housing markets of 2009.
The research of the house building markets revealed 15 markets that are not likely to recover soon. Florida’s and California’s house building turned out to trouble most of all.
The list of the weakest housing markets of the country, worked out by the Builder magazine and Hanley Wood Market Intelligence presents 15 markets that are unlikely to recover in the nearest future. (Compare to the 15 nation’s healthiest building markets).
The following data were taken into consideration: population trends, unemployment rates, home price declines and building permits.
15 Weakest markets tend to suffer from job losses, home price drops and increasing foreclosures.
The weakest housing markets turned out to be the ones with market price bust during the boom and also some cities with long term economic problems.
The leading position among the weakest markets is shared by Florida and California. There are 8 weakest markets located in Florida and 4 ones in California. Although house prices went down and even fell in these places but houses didn’t become more affordable. It occurred because of high unemployment rate and jobs there are still disappearing.
The 15th position is taken by San Francisco (California). The list also includes Lakeland (Florida), Cleveland (Ohio), Miami (Florida), Daytona Beach (Florida) and some others.
The Nation’s weakest market is Detroit (Michigan). With a very affordable average house price of $123,500, Detroit’s got only 3,085 total building permits in 2008, although its population amounts to 4.4 million people.
The research of the house building markets includes the information on markets’ house prices building permits and busiest house builders.
You can also find out about America's healthiest housing markets.
For more information you can turn to Builders Magazin.
November 08, 2009
