10 Cities Where Distressed Houses Will Be Flooding The Market For Years

 

Many cities in the U.S. are facing a multi-year backlog of distressed homes that will weigh on house prices, according to new data from CoreLogic. That data shows that in 25 of the top real estate markets, 10 have a backup of nearly two years or more.

Their research shows that while home prices may be rising in some places, or at least stabilizing, there's plenty of supply out there ready to keep prices depressed for years to come.

Further, the negative equity levels, or how underwater people are on their mortgages, is staggering in many states making it even harder for home owners to move on from their investments.

#10 Baltimore-Towson

Supply of distressed homes: 23.5 months

House price index (year-over-year): Down 5.9%

Negative equity share: 18.5%

Source: CoreLogic

All data current as of January 2011, months of supply of distressed homes estimated at current sales rate

#9 New York-White Plains-Wayne

Supply of distressed homes: 23.6 months

House price index (year-over-year): Up 2.1%

Negative equity share: 11.2%

Source: CoreLogic

All data current as of January 2011, months of supply of distressed homes estimated at current sales rate

#8 Orlando-Kissimmee-Sanford

Supply of distressed homes: 24.1 months

House price index (year-over-year): Down 10.9%

Negative equity share: 55.4%

Source: CoreLogic

All data current as of January 2011, months of supply of distressed homes estimated at current sales rate

See the rest of the story at Business Insider

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• 10 States Where Distressed Homes Will Be Flooding The Market For Years