Categorized | Residential

Tucson, Arizona’s Housing Market Declared Worst in U.S.

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According to a report published by Yahoo! Finance, Tucson, Arizona has the worst housing market in the United States. While the city once had a booming real estate market, both the 2008 crash, and the current troubled economic state of the city and country have absolutely crippled it.

The city’s homeowner vacancy sits at 6.8 percent, and the rental vacancy rate is at 15.9 percent. With little to no demand in the area, housing prices are down as much as 33 percent of what their values were prior to the real estate crash in 2008. As if these rates aren’t tough enough on the city, Tucson also has one of the highest rates of foreclosures in the nation.

Despite the incredibly poor ranking, real estate experts are taking a more positive stance, and downplaying the report entirely. They believe that more factors should be considered than just the vacancy rate when conducting such a report. They argue that many other cities have far greater numbers of unsold houses. At this point in time, Tucson has approximately four months of housing inventory.

The median price for homes in Tucson has fallen quite a bit, but it is believed that its decline is due to low-priced distressed properties. Experts believe that the median price will stabilize in the future.

Tucson is not the only city that has seen its real estate market struggle. Indianapolis and Atlanta both rank high on the list as being two of the worst real estate markets in the country.

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About Josh Johnson

Josh is the main writer for the Residential category. He also helps out on other categories when needed, mainly the International section.

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