Top 10 Markets for Borrowers from Inman News
- Apr 12, 2010 ArchiveWhile lending has been tight in many parts of the country, some markets are definitely more robust than others. Forbes compiled a list of the best cities for borrowers -- ranking by effective mortgage rates (including up-front fees), homes in foreclosure, and mortgages with 90-day delinquencies. Lending is less restricted in areas with fewer borrowers in default, Forbes said.
"Availability of credit is a big driver of home demand," Steve Berg, managing director in applied analytics for Lender Processing Services, told Forbes. LPS supplied some of the data for the rankings.
"You can want a house really badly, but if you can't get the money to borrow, that's going to be a problem for most people."
The healthiest markets tended to have rising home prices as well, the Forbes magazine said.
Here are Forbes' top 10 metro areas:
1. Kansas City
Average effective home mortgage rate: 4.94 percent
Mortgages 90-plus days delinquent in January 2010: 4 percent
Foreclosures in January 2010: 1.5 percent
2. Houston
Mortgage rate: 5.03 percent
Delinquency rate: 4.4 percent
Share of foreclosures: 1.5 percent
3. Dallas
Mortgage rate: 5.06 percent
Delinquency rate: 4.3 percent
Share of foreclosures: 1.5 percent
4. Virginia Beach, Va.
Mortgage rate: 5.06 percent
Delinquency rate: 3.9 percent
Share of foreclosures: 1.4 percent
5. San Antonio, Texas
Mortgage rate: 5.12 percent
Delinquency rate: 3.9 percent
Share of foreclosures: 1.3 percent
6. Boston
Mortgage rate: 4.78 percent
Delinquency rate: 4.1 percent
Share of foreclosures: 1.9 percent
7. Pittsburgh
Mortgage rate: 5.14 percent
Delinquency rate: 3.5 percent
Share of foreclosures: 1.8 percent
8. Seattle (tie)
Mortgage rate: 5 percent
Delinquency rate: 4.66 percent
Share of foreclosures: 1.43 percent
8. Denver (tie)
Mortgage rate: 5.12 percent
Delinquency rate: 3.5 percent
Share of foreclosures: 2 percent
10. Portland, Ore.
Mortgage rate: 5.03 percent
Delinquency rate: 3.63 percent
Share of foreclosures: 1.86 percent