DailyFinance.com has listed the 10 worst real estate markets in the United States.
Among other things, unemployment and foreclosure rates are considered. Real estate research/consulting firm First American CoreLogic has stated that more than 11 million mortgages are "underwater"in which the amount owed to the bank is higher than the home's value. In the meantime, more than 300,000 foreclosures take place each month.
The 10 worst real estate markets in the United States are:
1. Las Vegas-Paradise, Nev.: The unemployment rate is 14.5 percent and the foreclosure rate is 6.6 percent.
2. Cape Coral-Fort Myers, Fla.
3. Modesto, Calif.
4. Merced, Calif.
5. Riverside-San Bernardino-Ontario, Calif.
6. Stockton, Calif.
7. Vallejo-Fairfield, Calif.
8. Reno-Sparks, Nev.
9. Bakersfield, Calif.
10. Port St. Lucie, Fla.