This ARTICLE On Communities That Top Worst Housing Market In The U.S. Was PUBLISHED On September 14th, 2019
The overall housing market in the U.S. is booming.
- Home values have been increasing double digits year after year in most counties in the U.S.
- Due to rapidly growing home values, both HUD and the Federal Housing Finance Agency (FHFA) has increased FHA and Conventional Loans Limits for the past three years
- FHA Loan Limits for 2019 is now capped at $314,827
- FHFA set conventional loan limit for 2019 at $484,350
- Trump signed off the bill exempting maximum loan limits on VA Loans
- There is no maximum VA Loan Limit
- The reason is to provide 100% financing to eligible veterans of the U.S. Military and not have a floor on the maximum home they can purchase
- Unfortunately, there are communities that top worst housing market in the United States
- There are almost a dozen Illinois Communities That Top Worst Housing Market
In this article, we will cover and discuss communities that top worst housing market in the U.S.
There Are Communities That Top Worst Housing Market
Florida is one of the top states where the state is raking in billions.
- The reason is due to taxpayers flocking to Florida from high-taxed states
- There are still many Communities That Top Worst Housing Market such as New York, Illinois, California, and half a dozen others
- Although the housing market nationally is strong with homes appreciating, there are Communities That Top Worst Housing Market
Foreclosures are rising in these Communities That Top Worst Housing Market.
Foreclosure Rates In High-Taxed States
Communities That Top Worst Housing Market have seen a sharp in mortgage delinquencies and foreclosure rates.
- For example, home prices dropped 24% since the housing crash of 2008 while taxes went up 7% in DuPage County, Illinois
- The main reason is due to Illinois high taxes
- Property taxes and other taxes in Illinois are among the highest in the nation
- Illinois’ new governor, Democrat JB Pritzker, seems like the only solution he has is raising taxes on just about everything
- Governor Pritzker recently doubled the gas tax in Illinois
Countless of Illinois taxpayers are fleeing the state to lower-taxed states such as Tennessee, Kentucky, Mississippi, Georgia, Florida, Texas, Ohio, Michigan, Alabama, North Carolina.
What Experts Say
Bridgeport, Connecticut is another major U.S. City that is in trouble. A potential recession can cause a housing crash in Bridgeport. Bridgeport has the second-largest number of homeowners with underwater mortgages. The city has not recovered from the great housing market like the rest of the nation.
Housing Correction And Another Real Estate Market Crash
The Trump Administration’s worst fear is another Recession. The U.S. is due for another recession. Federal Mortgage Agencies such as HUD and The VA has lowered cash-out refinance mortgage guidelines due to fears of a housing market crash. HUD lowered FHA Cash-Out Refinance LTV from 85% to 80% LTV. The Department of Veterans Affairs (The VA) lowered VA Cash-Out Refinance LTV Guidelines from 100% to 90% LTV. Many homebuyers are afraid of buying a home now due the high home prices and the fear of a housing market collapse. Many high-taxed states are seeing home prices drop. Many states with incompetent politicians like Illinois are seeing high-taxes and taxpayers leaving the state to other states. States like Tennessee, Kentucky, Mississippi, Georgia, Alabama, North Carolina, Texas are thriving with no signs of a slowdown. We will keep our viewers updated on this story. This is a developing story by Gustan Cho Associates Mortgage News.
September 14, 2019 - 3 min read