Forbes Lists Riskiest Cities for Homeowners
Relying on data from Jacksonville-based Lender Processing Services of the percentage of homeowners who were more than three months late on their mortgage payments as of the end of May, Forbes magazine has compiled its list of the Top 10 Riskiest Cities for Homeowners:
1. Las Vegas, NV
2. Riverside, CA
3. Stockton, CA
4. Modesto, CA
5. Bakersfield, CA
6. Vallejo, CA
7. Orlando, FL
8. Memphis TN
9. Miami, FL
10. Fresno, CA
Two Florida metropolitan areas – Orlando and Miami – made the Top 10 list. Orlando was ranked #7 with 7.18 percent of loans more than 90 days delinquent and 11.24 percent of homes in foreclosure. Miami ranked #9 with 7.05 percent of loans more than 90 days delinquent and 15.28 percent of homes in foreclosure.
However, the two Florida cities are the only ones in the top 10 whose percentage of homes in foreclosure is lower than that of homes with severely delinquent loans. The Forbes article chalks this up to efforts by loan servicers and the federal government to modify loans and find other ways to keep homeowners in their homes.
Compared with the 4.4 percent national average for 90-day delinquent loans, all ten cities have significantly higher average delinquency rates – more than seven percent – than the nation’s 100 largest metropolitan areas.
Greg Gilbert
Keith Maynard
