Investing

Cities Where Homes Will Not Sell

10. Tallahassee, Fla.
> Time on market: 137 days
> Change in # of listings: -20.32% (53rd largest)
> Median list price: $159,900 (104th highest)
> Foreclosure rate: 1 in every 747 homes

The number of homes on the market has decreased more than 20% in Tallahassee over the past year. Despite the drop in supply, home prices have only increased slightly, with the median list price increasing 3.5% in the same period. The city saw a huge spike in loan defaults recently. In August, defaults increased 81% from the month before. According to the Tallahassee Democrat, this is causing the foreclosure rate to increase.

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9. West Palm Beach-Boca Raton, Fla.
> Time on market: 138 days
> Change in # of listings: -26.47% (28th largest)
> Median list price: $209,500 (49th highest)
> Foreclosure rate: 1 in 238

In September, the West Palm Beach region had more listings than all but a handful of major U.S. cities. However, that number is actually down more than 26% from a year ago. The median home listing price has shot up more than 10% since September 2010, the 11th greatest increase among the 146 cities reviewed in the report. According to Alex Ferreras of the Palm Beach Post, banks are cutting down significantly on the number of homes they foreclose in the region. In 2010, the foreclosure rate of 1 in 238 was one of the highest in the U.S.

8. Asheville, N.C.
> Time on market: 140 days
> Change in # of listings: -15.88% (77th largest)
> Median list price: $250,000 (29th highest)
> Foreclosure rate: 1 in every 3,907 homes

Asheville is located in the Appalachian mountains and is regularly listed has a top vacation destination by travel magazines. The region has one of the highest median home list prices in the country, at $250,000. The Asheville region had an extremely low foreclosure rate of 1 in 3,907 last year compared to 1 in 605 in the U.S.

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7. Punta Gorda, Fla.
> Time on market: 142 days
> Change in # of listings: -30.77% (17th largest)
> Median list price: $169,900 (87th highest)
> Foreclosure rate: 1 in every 366 homes

Punta Gorda is one of several Florida cities where home values have fallen more than national average. According to housing experts, most of this is due to overbuilding before the housing market collapsed. Punta Gorda is located on Florida’s west coast between larger cities with significant housing problems — Tampa/St Petersburg and Naples. Home ownership in Punta Gorda is high, among the top ten cities in the U.S. This may be due to in part to the inability of people to sell their homes.

6. Savannah, Ga.
> Time on market: 147 days
> Change in # of listings: -35.66% (11th largest)
> Median list price: $199,900 (51st highest)
> Foreclosure rate: 1 in every 541 homes

Savannah has seen one of the largest decreases in home listings in the country, with a drop of more than 35% in one year. Despite the drop in inventory, home prices declined by 5.19% over this same period. There are currently only 1,484 listings in the city. The median time on the market for these listings has fallen more than 50% in the past year. This is the greatest drop in the country.

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