Worst Cities to Live In
With the store constantly changing, it can be hard for citizen to keep up. One day we are enhancing and the next thing we know, we aren't. It has come to be a frustrating process for citizens and its effects can be seen in different areas. The housing store is one that has been hit hard by the economy. Recently, it seemed that things were improving. Foreclosure rates were on the decline but they have now seen a 14% growth in the last two quarters. Due to the decline on a national level, many cities have seen foreclosure increases on a much higher level. Not only that, but there are many cities are suffering with their prestige also. In these hard economic times, it is important to understand which cities are suffering and why. This report will look at the cities with the highest foreclosure rate and worst prestige scores.
Worst Cities to Live In
In a surprising expanding to the list, Columbus, Ohio is a city many assume shouldn't be suffering. Currently, their midpoint house revenue and unemployment rates are above the national average. So with these things going for them, why is their housing store suffering? Home values have been on the decline since 2006 and are startling to drop an additional one 2.3% by 2012. The amount of foreclosures in the last quarter was above 2,000 which gave them a quarterly growth of 32% foreclosure rate.
For those who want to retire to Jacksonville, Florida, I would think again. Once a popular tourist town, this cities' housing store is now suffering. Jacksonville saw a 49% growth in the foreclosure ratings last year. Currently, this city also has a unemployment rate higher than the national average. This is probably one of the reasons this city is projected to see an additional one 10.7% decrease in home values by the middle of next year.
With three cities grouped together, The Boston area is finding a major hit in the home market. Boston, Cambridge, and Quincy, Massachusetts have collectively seen a 67% growth in foreclosures. The convert to their store came fast and is a little hard to understand since their unemployment rate is well below the national average.
Even though the house values haven't dropped to much compared to the nation, and with a lower unemployment rate, many think that Albuquerque, New Mexico should be doing just fine. However they have seen the worst growth in their foreclosure rates. Really it has been more than a 150% increase. While some find this unbelievable, the lack of jobs could be to blame.
Not to be out done by these cities that are suffering in the housing market. Texas is struggling in some major cities as far as revenue and prestige scores. With El Paso, Tyler, And Corpus Christi on the list, things aren't finding so good in Texas, especially if you live in Harlingen. Not only is Harlingen the worst off city in Texas, It is also the worst in the nation. The midpoint debt is now higher than the midpoint household income. The unemployment rate is over 12% and the midpoint prestige score is 686. The worst part about this is that 1 in 676 citizen can expect to lose their home due to foreclosure.
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