Miami makes list of seven FL cities headed for possible housing crisis | Miami
Local realtors are dealing with challenges, like rising mortgage and property insurance rate hikes, and now comes news from a national research highlighting “alarming signs” that could lead to a housing crisis for certain cities in Florida.
The study, conducted by GoBankingRates, pulls data from the Consumer Financial Protection Bureau, the Consumer Protection Bureau, and RealtyTrac looking at the percentage of mortgages that are 30 and 90 plus days delinquent, combined with renter vacancy rates.
The study, which looked at the largest 200 cities in terms of total housing units, highlights seven Florida cities, including four in the South Florida tri-county area, that could be headed to a potential crisis.
In the study, Orlando was ranked number one on the list as a city in danger of facing a housing crisis with the study showing nearly 50 percent of the homes for sale in Orlando are in foreclosure.
City of Miami came in fourth on the list, with a homeowner vacancy rate of 2.2 percent and 0.6 percent of the mortgages showing 90 days plus delinquent.
Other South Florida cities on the list were Fort Lauderdale, which came in second, Hollywood at number six and Pembroke Pines at number seven.
For the complete GoBankingRates report, click here.
