30 Restricted Markets:
No Mortgages Here?
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Cassandra Shie, AOL
You Might Be Out of Luck!
TheStreet.com's Jim Cramer has some shocking news: If you are applying for a mortgage in one of these areas of the country and don't have good credit, you may be out of luck. And even if you do have good credit, you may find it harder than ever to get a mortgage in these 30 places due to stricter underwriting guidelines that were just released.
Click through our gallery to see if your neck of the woods made it onto this list of restricted mortgage markets.
· See Jim Cramer's Explanation
Next: See 30 Restricted MarketsMore From TheStreet.com:
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Arizona
Area of Restriction:
· Entire state
Market Notes:
Arizona's median sales price has dropped 37.5%. The Phoenix metro area is 70% of Arizona, and house price increases here have been among the highest in the nation, but so has subprime mortgage exposure. With 10.9% of the loans being subprime, many homeowners are hoping for relief with refinance options.
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California
Area of Restriction:
· Entire state
Market Notes:
Despite declining home prices, only 33% of California residents could afford to buy a home here last quarter compared to 25% a year earlier. At 54%, the High Desert region was the most affordable in the state, followed by the Sacramento region at 53%. Monterey was the least affordable region in the state at 20%.
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Cassandra Shie, AOL
Florida
Area of Restriction:
· Entire state
Market Notes:
The number of existing single-family homes for sale in Florida was down 31% last quarter to 26,130 from 37,879 homes a year earlier, reports the Florida Association of Realtors. The median sales price dipped 8% to $189,600 from $205,800, with the biggest drop of 26% being in Fort Myers-Cape Coral. Florida has the third highest foreclosure rate in the country.
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Ric Francis, AP
Nevada
Area of Restriction:
· Entire state
Market Notes:
Las Vegas posted the third-highest metro foreclosure rate (4.2%) among the largest metropolitan areas in 2007. A total of 59,983 foreclosure filings on 30,375 properties were reported in the metro area during 2007, up 169% from 2006.
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David Zalubowski, AP
Colorado
Areas of Restriction:
· Denver-Aurora
· Greeley
Market Notes:
The average property in Denver, as of Feb. 17 2008, has been on the market for about 63 days, and the median price per square foot for homes in the Mile High City is about $132 or $218,330 for a typical median home. The commercial vacancy rate is 12.9%.
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J. Scott Applewhite, AP
DC/VA/MD/WV
Areas of Restriction:
· Washington-Arlington-Alexandria
· Baltimore-Towson, Md.
· Bethesda-Frederick-Gaithersburg, Md.
· Hagerstown-Martinsburg, Md.-W.Va.
Market Notes:
Sales activity in Northern Virginia in January was in line with a nationwide decrease in consumer confidence. The median sales price dropped 5.1% to $400,000 in fourth quarter 2007 from $421,600 a year prior, and only 716 homes sold in January 2008, about 47% less than January 2007.
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Georgia
Area of Restriction:
· Atlanta-Sandy Springs-Marietta
Market Notes:
Homebuilding and job growth remain strong in Atlanta. The city is the No. 2 market nationally in terms of single-family building permits at 31,029. In terms of employment trends for 2007, this market ranked No. 4 nationally in job growth with 52,600 jobs created. That's a 2.2% annual growth. For most of 2007 the area fended off a home price drop, but it eventually fell 1.5% to $164,300 from $166,800.
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Hawaii
Area of Restriction:
· Honolulu
Market Notes:
Honolulu eked out 0.9% positive growth in real estate prices to $625,300 from $620,000, and the local economy is relatively strong, which has helped keep this Hawaiian city out of the mortgage mess. The state's subprime exposure of 4.8% is below the national average, but homeowners shouldn't cling to tightly to these modest positives.
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Kevin R. Morris, Corbis
Idaho
Area of Restriction:
· Coeur d'Alene
Market Notes:
Couer d'Alene stands out in Idaho, for the wrong reasons. While housingpredictor.com forecasts Boise, Kellogg, Idaho Falls and Sun Valley will see some price appreciation, Couer d'Alene faces a drop in value of 4.8 percent. Home sales have been heavily impacted by declining values as a result of the credit crunch, and prices are beginning to show major drops in many areas.
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Charles Rex Arbogast, AP
Illinois
Area of Restriction:
· Chicago-Naperville-Joliet
Market Notes:
The National Association of Realtors says the Chicago metro area had a modest median price decline of $261,000 in the fourth quarter from $268,100 a year prior. But Altos Research shows the median list price for Joliet and Naperville to be $194,900 and $549,000, respectively. There's a home for everyone in the Windy City, but the trouble is you might end up stuck in two hours of traffic when you want to go visit friends.
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Elise Amendola, AP
Massachusetts
Areas of Restriction:
· Barnstable Town
· Boston-Quincy
· Worcester
Market Notes:
The median home price for Boston dropped 1.9% in the fourth quarter to $380,700 from $388,000 a year prior, but home sellers are feeling the pinch as they wait for a buyer. The Boston Globe reported this week that real estate agents are even leading guided bus tours of bank-owned properties for sale in parts of the state in an effort to drum up business in a slow market.
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Michigan
Area of Restriction:
· Detroit-Livonia-Dearborn
Market Notes:
It's no surprise that home prices in the Detroit metro area dropped 13.8% to $133,300 when one considers that about 4.9% of Motor City-area homes went into some form of foreclosure in 2007. That's the highest foreclosure rate among the nation's 100 largest metro areas. The loss of jobs here has resulted in many homeowners falling behind on their mortgage payments.
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Minnesota/Wisconsin
Areas of Restriction:
· Minneapolis-St. Paul-Bloomington
Market Notes:
With 5,563 home foreclosures handled in Minneapolis' Hennepin County, the number of foreclosures is nearly 6 times as high as it was 6 years ago, when it stood at 920. Interestingly enough, Minneapolis-St. Paul only came in number 60 on a list of the top 100 largest metro areas with foreclosures, according to RealtyTrac, a mortgage research company. The median sales price here has dropped 4.9% to $217,200 from $228,300.
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Cassandra Shie, AOL
New Jersey
Areas of Restriction:
· Atlantic City-Hammonton
· Edison-New Brunswick
· Newark-Union
· Ocean City
Market Notes:
The median selling price for homes in Atlantic City increased by 10.7% to $278,800 from $251,900 a year prior -- the second-highest in the Northeast, and in a six-year period, homeowners have seen their equity grow more than 149%. That's a better deal than most will get at the blackjack table, but in this environment, it's just as risky.
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Spencer Ainsley, AP
New York/New Jersey
Areas of Restriction:
· Nassau-Suffolk, N.Y.
· New York-White Plains-Wayne,
· Poughkeepsie-Newburgh-Middletown
Market Notes:
Nassau-Suffolk County, which encompasses Long Island, saw its median home price dip 2.5% from $473,700, according to National Association of Realtor data. It is still one of the most expensive metro areas. Just six years ago it had a median price of $307,200.
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Cassandra Shie, AOL
Virginia
Areas of Restriction:
· Virginia Beach-Norfolk-Newport News
· Winchester
Market News:
The Virginia Beach area saw mean home prices increase 0.3% to $236,000 during the fourth quarter from $235,200 a year prior, but some experts believe there's a slight chance prices will fall here in the next two years. PMI Mortgage Insurance Co, which ranks the risk of home prices falling in the nation's 50 largest metro areas, gave the area a score of 19, vs. 89 for Vegas.
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Oregon/Washington
Areas of Restriction:
· Tacoma, Wash.
· Portland-Vancouver-Beaverton, Ore./Wash.
Market Notes:
Currently, Portland has about a 12.8 month inventory of homes. "Some areas or spot communities may be 10 months or 4 months and that is based on community appeal and price," says Linda Quinn, a local real estate agent. To sell a home in Portland today, it needs to be in peak condition and priced at or below the market value.
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Recent Comments
Nicoledonna1995 10:28:36 PM Mar 16 2008
Just don't have any credit card(s) because you will throw your money away paying interest.. Buy anything with cash only. Be wise.
Skooli 12:23:05 PM Feb 28 2008
Guy n car 12:18:47 AM Feb 28 2008
Report This! Can anyone tell me why vegas is so bad with forelcosures ? nevada??
***************************
It is because Las Vegas is a place with mostly service oriented jobs which attracts alot of low income people from different areas of the US looking to make a decent wage. When the opportunity came to buy houses without good credit and no money down alot of these people were just that, people without good credit and no money. They gave loans to people that shouldn't have been able to buy a car with their credit scores and capital. I honestly have seen illegal aliens with Mercedes Benzes and top of the line SUV, fully decked out, from pulling equity!!!
Supersidewinder1 02:06:54 AM Feb 28 2008
Good coments and great job communicating the basice of Marketing Homes. almost every comment had merit to them with their prospective. Great job setting this up as well.
Thank you all as I buy and sell them after fixing minor repairs and I am quit grown up.
Sincerely,
Jim H
Johnwolfco 12:53:46 AM Feb 28 2008
gee, the gov tells us there isn't much inflation! You know there is and our dollars are shrinking in the world market.
Hmmm, Sounds like we are living in a Arostocracy.............Watch as our dollar goes to 10 cents on the world market, Gold goes to 5000 dollars an ounce.
We have abunch of ******** running the country and a bunch more morons running for president.
Ron Paul, whom the media hates, is the only one who talks about the real issues.
I always try to be an optimist, but..........It is hard watching our standard of living go in the toilet and seeing the whining asses in this country letting it happen. Wise up ! or ............Bye bye
Guy n car 12:18:47 AM Feb 28 2008
Can anyone tell me why vegas is so bad with forelcosures ? nevada??
RColson261 12:06:55 AM Feb 28 2008
Praise! Jesus is the author of life. All economical situation are testing grounds. We are tied to our money. But to have faith in the down times is like liquid love stored up. God decides when and who to pour it out on. But all are welcome! Seek and you will find.
I got hit with 25 gallon bucket (of liquid love) a few years ago and Im still working off that miricle. PS I lost every thing in this last Real Estate situation. And I have crazey peace. I cant even explain, other than "Daddy"!
With love,
Rcolson261@aol.com
CubbyClouse 08:57:06 PM Feb 27 2008
It pays to have good credit we just closed on a home in phoenix area and got 100% financing
LELIZABETHSUE 04:36:04 PM Feb 27 2008
Make sure your Realtor will stage your house if you are planning on selling. This is very important in any market! Staged homes sell quicker and for more money than like properties. If you live in Utah and need more information, drop an email to me @ MyAgentRocks@aol.com. STAGING WORKS :)
LELIZABETHSUE 04:22:06 PM Feb 27 2008
I am a Realtor here in Utah. My advice is do not live beyond your means. Much of the troube we see in this market is that people have a tendency to pull equity out of their homes to purchase items that do not add value to the home itself (waverunners, cars, four wheelers, furniture, etc). When you use the equity in your house, make sure it is for your house. An updated house sells for more than the comparables that are not updated, in any market, up or down. Also, if you can't afford your house when you purchase it (variable and interest only mortgages my case in point) then DO NOT BUY IT. I have advised buyers NOT to buy if I feel they are not stable enough, and I always advise buying less than they can afford, not more. If the economic times change, then you will still be in the blue and can wait for things to take back off again and sell when prices are escalating, not declining. Homeownership is the best way to build wealth for the average American. National average of ap
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