The 10 cities where homeowners are most likely to default
The further down south you buy a home, the more likely you are to miss payments on its loan. That's the findings of a study released from finance research site ValuePenguin, which analyzed the likelihood that borrowers in 200 of the most populated cities in the U.S. will default. How did they do that? By considering the variables that are likely to influence the chance of foreclosure, such as:
- Delinquency rates
- Unemployment rates
- Living expenses and income
- Changes in home values relative to mortgage debt
After ranking the cities, it found all but one of its top 10 are in the South. Data sources include the National Bureau of Economic Research, the Federal Reserve, the Consumer Financial Protection Bureau, Census, S&P Global Market Intelligence, the IRS, and the Department of Veterans Affairs.
Click or swipe through to see if your city made the top 10...