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IPFS News Link • Housing

The Eight States Running Out of Homebuyers

3. Arizona Vacancy Rate: 17.3% (5th Worst) 2010 Foreclosures: 5.73% (2nd Worst) Decrease in Building Permits 2006-2010: -81.36% (4th Worst) Arizona is among a handful of states most deeply wounded by the real estate collapse. Some 5.73% of properties in the state have been foreclosed upon, the second highest rate in the country, and 17.3% of homes are vacant, the fifth greatest rate in the country. Also, Mesa, Phoenix and Tucson, the state's three largest cities, are all among the top five American cities with the greatest percentage of price reductions for homes in 2010, along with Minneapolis and Baltimore. As of December 2010, these cities had 43%, 42% and 38% of their listings with price reductions, respectively. 4. California 2010 Foreclosures: 4.08% (4th Worst) Unemployment: 12.4% (Tied for 2nd Worst) Decrease in Building Permits 2006-2010: -74.7% (6th Worst) California's impact on the housing market is huge. The state is the largest among the 50 in total GDP and housing units. California's unemployment rate of 12.4% is now tied for second place with Michigan, once the jobless capital of the nation. In 2010, the state had one of the highest foreclosure rates in the country, at just over 4%. New construction has dropped off dramatically as well, with a 74 % decrease in new building permits between 2006 and 2010.