Magazine lists U.S.’ riskiest home markets
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Soaring prices and the emergence of a generation of neophyte investors are stoking fears that the boom is turning into a bubble that will burst.
In addition, employment rates, population, median income and affordability all play tangible roles in determining which markets are vulnerable to price declines.
The top five on Kiplinger’s Personal Finance magazine’s list of the most treacherous housing markets are: Boston, Los Angeles, San Francisco, Sacramento and Providence, R.I.
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Briefly
* The percentage of households in California able to afford a median-priced home was 16% in May, down from 19% a year ago, according to a report by the California Assn. of Realtors.
* Both existing and new-home sales are on target for a 2005 record larger than previously forecast, according to the National Assn. of Realtors. Existing-home sales are expected to rise 2.8% this year; new-home sales, 3.2%.
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