Jude's Real Estate Rumblings

head_left_image

10 Most Challenging Housing Markets

Daily Real Estate News  |  April 24, 2008

The hardest places to sell homes are those with falling prices and a large inventory of unsold homes.

Forbes magazine, which examined markets all over the country, concluded that Florida has the most markets that are really in the doldrums. Several cities there are overbuilt, saddled with lousy loans and flat sales.

Jonathan Miller, president of Miller Samuel, a Manhattan-based real estate appraisal company that assisted with the analysis, says it is hard for a city to climb out of a slowdown because in the best of circumstances there's generally a three- to six-month lag between the time buyers start putting a serious dent into the inventory and the time when prices start to improve.

Here are the 10 markets where Forbes says the sales opportunities are the most challenging:
  1. Miami
  2. Orlando
  3. Phoenix
  4. Tampa
  5. Los Angeles
  6. Washington, D.C.
  7. Chicago
  8. Baltimore
  9. San Diego
  10. Denver
7 comments • Jude Sandvall, ABR, CNE, SFR 720-255-1021 • April 24 2008 01:43PM

Comments

Thanks for the imput. While I feel sorry for our AR family members in those areas I am happy no Indiana cities were listed.

 

Tony

Posted by Tony Grego - 317-714-8080 over 2 years ago

Thanks for the imput. While I feel sorry for our AR family members in those areas I am happy no Indiana cities were listed.

 

Tony

Posted by Tony Grego - 317-714-8080 over 2 years ago
Jude- I am in the Tampa area, I remember about a year and half ago, Forbes was predicting that the Tampa market would be rebounding this year, it is sure not coming back like they predicted.
Posted by Solaris Realty over 2 years ago
Sorry to hear about the poor markets.  Glad Atlanta, Georgia area is coming back up already.  If we as professionals are positive about our markets, I believe we can make an impact on them and push the progress ahead of schedule.  It might mean we have to work harder at doing homeowner meetings, providing meeting for information, etc.  We can turn this around if we stop listening to the media and create our own media with technology the way it is today.
Posted by L. Wayne Denton I HAVE A HANDLE ON YOUR MARKET! ! ! (Denton Properties, Inc.) over 2 years ago

I still firmly believe Aurora is poised for a rebound in the not so distant future.  Just look around at all of the development and growth - I was talking with Kevin Hougen with the Aurora Chamber of Commerce last week and he indicated that over 1,000 people a year are being transferred to Buckley AFB (where the military grows so does the surrounding community), Buckingham Square is touted to be the next Belmar, the new Southlands area is exploding - the examples are practically endless.  

While times definitely aren't easy, I am seeing more and more first time home buyers in my business - a sign that people are starting to realize the available inventory is ripe for deal hunting.  I'm excited to see how this summer takes off!

Thanks for that post Jude, outstanding information everyone can benefit from.

Regards,

Tom 

Posted by Thomas Recke (Pillar To Post) over 2 years ago
I also wanted to thank you for unknowingly assisting me with "gussying up" my active rain profile with the links to the right of your blog!  I just completed all sorts of updates and it looks great!  Thank you Jude!  =)
Posted by Thomas Recke (Pillar To Post) over 2 years ago

Thomas-

Glad to help.  Your site looks great!  I agree with you about Aurora, there are a ton of great projects going on.  Where I see the greatest challenge is in the North Aurora area where there is a higher rate of foreclosures than the rest of the city.  Once those wash out Aurora will be solid and poised for a quick return.  My prediction is sometime in the middle of next year.

Posted by Jude Sandvall, ABR, CNE, SFR 720-255-1021 (Jude Sandvall Realty Group ~ Cherry Creek Properties) over 2 years ago

Participate

(optional)
What does the graphic say?