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WalletHub: The Health of the Housing Market

With both foreclosures and new quarterly bankruptcy listings reaching their lowest rates since 2006, the leading personal finance website WalletHub checked The Health of the Housing Market in 25 Big Cities.

Given such evidence of the U.S. economy’s steady recovery, WalletHub assessed the health of the real-estate markets in 25 of the largest metropolitan areas. We did so by examining 10 key metrics, ranging from the interest rate on a first mortgage to the percentage of households that received state or local assistance on their first housing loan.

 

 

Healthiest Housing Markets

 

 

 

1

Boston, MA

 

6

Austin, TX 

 

2

Oklahoma City, OK

 

7

New York, NY

 

3

San Antonio, TX

 

8

Rochester, NY

 

4

Northern New Jersey, NJ

 

9

Philadelphia, PA

 

5

Hartford, CT

 

10

Houston, TX

 

Key Stats

  • The equity as a percentage of the home’s value is four times higher in the New York metro area than in the Las Vegas metro area.
  •  
  • The median number of years left until the mortgage is paid off in the Seattle, Wash. metro area is twice as high as in the Rochester, N.Y., metro area.
  •  
  • The percentage of total mortgages obtained with no proof of income, assets or debt is three times higher in the Tampa, Fla., metro area than in the Boston metro area.
  •  
  • The percentage of households that received help through state or local government programs for their first mortgage in the Orlando, Fla., metro area is twice as high as that in the Austin, Texas, metro area.
  •  
  • The percentage of households that had a home equity line of credit is 12 times higher in the Rochester, N.Y., metro area than in the San Antonio, Texas, metro area.
  •  
  • The percentage of “underwater” mortgages is 6 times higher in the Las Vegas metro area than in the Rochester, N.Y., metro area.

 

For the full report and to see where your metro area ranks, please visit: 

http://wallethub.com/edu/the-health-of-housing-market-in-25-big-cities/7664/

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