California Dodges Top Honors on 'Worst Real Estate' List
According to a recent tally from First American CoreLogic, the country's worst real estate market is in the greater Miami area. It seems that one-quarter of all mortgages there are at least 90 days delinquent. Heck, many Californians can't even count to 90! (It's our de education system.)
Care to know who is next in line? Nope, not a California city!! Not even a city at all, actually. According to the report, the second worst real estate market in the country after Miami is.....the entire rest of the state of Florida!
Look, I don't want to be mean to Florida or anything. If truth be known, I sort of like their palm trees better than the ones we have here in Southern California. And, I don't wish anyone living in Miami or the rest of the Sunshine State any ill will. Hell, I drink their packaged orange juice everyday. I gotta love 'em. Except, maybe, when there's a bit too much pulp.
It's just that I'm so used to reading stories about how California has the worst traffic and air and budget and politicians and infrastructure.... that every once and a while, it's a breath of fresh air (the type of which we don't really have here in Southern Cal) to read that another part of the country may be even worse off then we are, at least when it comes to real estate.
But I have to level with you all. After Miami and the entire state of Florida, and then Las Vegas, that report does list Riverside and Bakersfield, California as having the fourth and fifth worst residential real estate markets in the U.S.
I sort of got a chuckle out of a blog headline that almost seemed to boast: "Bakersfield, fifth worst residential real estate market in country." Now, that's civic pride for you! If you can't be number one, go out there and really hype the fact that you are number five!
Charles Feldman is a journalist, media consultant and co-author of the book, "No Time to Think: The Menace of Media Speed and the 24-hour News Cycle." He has written about real estate related issues for several years.
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