Homes in those areas are carrying the largest burden
High rates of foreclosures in a ZIP code mean a slower recovery from the housing bust according to a new Zillow analysis.
It found that those homes where foreclosures were highest during the crisis are still struggling to recover. In the 35 largest metros, 54.3% of homes in ZIP codes with fewer foreclosures have fully recovered, while in the high-foreclosure ZIP codes the recovery rate is 39.1%.
Those markets where the divergence of recovery is greatest include all 6 major California metros including San Francisco, San Jose, Los Angeles and San Diego.
Nineteen of the metros saw 10% more homes fully recovered in low-foreclosure ZIP codes than in those with high foreclosures; in 13 it’s at least double; in three (Riverside, Las Vegas and Washington, D.C) it’s at least four times as high.
But five metros have bucked the trend with high-foreclosure areas recovering at slightly higher rate.
Nationally, median home values are about 9.8 percent above what they were at the bubble's peak and less than 10 percent of homeowners are underwater on their mortgages.
|
Metropolitan Area |
Share of Homes |
Share of Homes |
Median Home |
Change from |
|
Atlanta, GA |
77.6% |
39.4% |
$209,700 |
13.6% |
|
Austin, TX |
99.0% |
95.5% |
$300,600 |
50.8% |
|
Baltimore, MD |
5.8% |
4.3% |
$265,600 |
-11.0% |
|
Boston, MA |
90.8% |
78.0% |
$458,000 |
19.7% |
|
Charlotte, NC |
78.7% |
84.6% |
$199,400 |
26.0% |
|
Chicago, IL |
11.4% |
14.4% |
$222,200 |
-12.6% |
|
Cincinnati, OH |
61.8% |
56.6% |
$164,500 |
12.5% |
|
Cleveland, OH |
50.4% |
12.8% |
$142,700 |
-0.8% |
|
Columbus, OH |
88.0% |
54.1% |
$184,200 |
22.6% |
|
Dallas, TX |
95.3% |
93.1% |
$233,200 |
53.0% |
|
Denver, CO |
99.2% |
97.8% |
$398,400 |
65.9% |
|
Detroit, MI |
48.8% |
20.9% |
$157,200 |
-0.9% |
|
Houston, TX |
93.7% |
89.6% |
$200,900 |
34.3% |
|
Indianapolis, IN |
84.4% |
40.3% |
$157,200 |
19.0% |
|
Kansas City, MO |
87.2% |
56.9% |
$185,500 |
19.3% |
|
Las Vegas, NV |
8.1% |
1.6% |
$273,800 |
-13.6% |
|
Los Angeles, CA |
82.7% |
38.0% |
$647,100 |
6.2% |
|
Miami, FL |
9.0% |
11.8% |
$278,400 |
-10.7% |
|
Minneapolis, MN |
63.8% |
50.9% |
$263,300 |
9.4% |
|
New York, NY |
34.9% |
32.5% |
$431,000 |
-4.8% |
|
Orlando, FL |
11.4% |
4.8% |
$231,000 |
-12.9% |
|
Philadelphia, PA |
23.3% |
36.1% |
$229,300 |
-3.4% |
|
Phoenix, AZ |
17.7% |
6.2% |
$258,300 |
-9.0% |
|
Pittsburgh, PA |
80.4% |
51.8% |
$142,300 |
28.1% |
|
Portland, OR |
74.6% |
87.5% |
$391,400 |
33.3% |
|
Riverside, CA |
14.1% |
1.9% |
$362,000 |
-11.7% |
|
Sacramento, CA |
24.4% |
7.3% |
$400,600 |
-5.3% |
|
San Antonio, TX |
95.8% |
92.3% |
$187,800 |
31.0% |
|
San Diego, CA |
88.0% |
28.2% |
$589,200 |
9.6% |
|
San Francisco, CA |
95.6% |
45.7% |
$961,200 |
36.4% |
|
San Jose, CA |
99.9% |
86.8% |
$1,288,700 |
73.3% |
|
Seattle, WA |
97.2% |
90.8% |
$486,600 |
27.6% |
|
St. Louis, MO |
50.5% |
14.1% |
$163,100 |
4.6% |
|
Tampa, FL |
27.5% |
16.4% |
$208,400 |
-6.8% |
|
Washington, D.C. |
31.3% |
5.2% |
$401,000 |
-7.9% |
