IE Business Daily Business news for the Inland Empire.
Riverside’s housing market is among the most vulnerable in the United States to a slowdown if a recession hits, according to a recent study.
Homeowners in Boise, Idaho, Tampa, Fla. and Phoenix, Ariz. are considered more likely to lose at least some of the value their properties accumulated during the past two years, redfin.com reported.
Redfin, a full-service real estate brokerage, studied 96 of the largest metropolitan housing markets in the country. It applied several housing-related indicators to each market including home prices, volatility, average debt-to-income ratio and home-price growth.
Each market was assigned an overall risk score, 100 being the highest indicator of a housing market downturn.
Riverside scored 84, the highest of any metro market.
Like Riverside, many of the vulnerable housing markets are popular migration destinations and/or places with rapidly rising home prices. Both of those are major contributors to their risk of experiencing a housing downturn, Redfin reported.
Staff let go, maintenance employee hours reduced and shared with two properties, heavy rental increases above fixed income levels for current residents causing an exodus from the property! Greedy investors thinking they can ride on the backs of the elderly! On top of this they took out a loan with interest rates that add to cost! Cash investment would have made it a more customer friendly purchase! Beautiful apartments now highly overpriced and possibly keeping these special class people out!