The Top States In The United States Where You Do Not Want To Invest On Home Properties
You cannot deny the fact that the real estate market of the United States is in an all-time low. But despite that fact, there are still places in the country where selling a home or condo property are natural – as it happens on a regular basis – some places have troubles landing a home or condo sale in their area.
When you talk about states who constantly fail in real estate advancements, it is quite hard to develop newer properties for these locations due to the ineffective way it was advertised.
After the 2007 home property crash, a lot of developers have had a hard time issuing new permits due to certain state’s geographical areas. According to recent real estate reports, there are more than 5 states having issues with real estate projects and developments. These places are:
Ohio – the decline in housing and building permits in this state is a whopping 76.61 percent since 2005. Today, they have a total of 5,127,508 available housing properties available.
New York – It may be called the Big Apple, but lately no one took a bite, real estate-wise, that is. Since 2005, they are falling behind building permits as the total permits decline was 64.85 percent, which is the 12th smallest, so far.
Maine – over the past 6 years, Maine had a hard time competing with the other luscious real estate properties available in the country. Not that Maine is a bad place. But a lot of buyers today prefer Oceanside properties. Falling by 77.09 percent in declined building permits, Maine has had a hard time selling properties in their area. As of 2011, the housing properties available are 721,830 – which is not bad compared to the other places. But then again, Maine could use new neighbors and interested buyers for them to bounce back.
Massachusetts – with approximately 2,808,254 of home properties for sale, you can say that it will take a while before we see stability in these lands. With an increase in building permit declines at 69.55 percent. What is very ironic is that Massachusetts used to be the top housing market in the United States, now they are having the same trouble as most of the states in the country.
Illinois – The number of declined building permits is around 84.18 percent. Plus, having more than 5,296,715 housing properties can be a pain in the neck – but either way, Illinois is still trying to cope up with the hardships as they are the 3rd largest state to have a very high permit declining rate.
No matter where you look at it, the housing market in several places in the United States will always have issues. Unlike places like Florida, where countless purchases are done almost on a daily basis, these states mentioned above will have issues for a long time if they continue to refuse the changes in home property values and if foreclosed properties continue to rise.