These 40 cities could see housing prices decline, survey says

Personal Finance


Midwestern cities were also prominent, including Chicago; Cleveland; Dayton, Ohio; Detroit; Toledo, Ohio; Akron, Ohio; Milwaukee; and Rockford, Joliet and Aurora, all in Illinois.

Southern cities also rounded out the top 40, including Birmingham, Alabama; Columbus, Georgia; Jacksonville, Florida; Memphis; Mobile, Alabama; New Orleans; and Norfolk, Virginia, among others.

Tulsa landed on the bottom of the list, but that doesn’t necessarily mean it’s a safe bet, DePietro said. That’s because it still has above-average foreclosure rates, homeowner vacancy rates and rental vacancy rates.

“There are probably suburbs outside these cities that are in less danger,” DePietro said.

Not everyone agrees that there is trouble on the horizon for these areas.

“There is a broad housing shortage in America,” which includes most of the cities named, according to Lawrence Yun, chief economist at the National Association of Realtors.

Because that means there are more buyers than homes for sale on the market, Yun said he does not see prices declining in those areas.

“I think it’s a price appreciation in most of those markets,” Yun said. “The only way it may reverse is if there’s an economic recession with substantial job cuts. But at least through 2019, it looks like it’s going to be a continuing job creating economy.”

Following are the 40 cities that could be in danger of a housing decline this year, according to GOBankingRates. GOBankingRates used data from the Census Bureau, RealtyTrac and Zillow to complete the study.



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