Cities Recovering From The Foreclosure Crisis
In these metro areas, both modest incomes and stable real estate markets are improving the outlook for borrowers.
Francesca Levy, 12.10.09, 07:00 PM EST
www.forbes.com
No American city fully sidestepped the housing foreclosure problem. But tell-tale boarded-up windows and lines of once-glittering condominiums standing empty are images largely absent from several metro areas. And many of these real estate markets are well-poised to recover.
The cities coming back strongest from the foreclosure crisis are those that didn't see massive price inflation as the housing bubble swelled (the national peak was the second quarter of 2006, but different areas peaked at slightly different times), as well as blue-collar towns with modest economies. This is according to data provided to Forbes by Lender Processing Services (LPS), a mortgage-industry service provider.
