MIAMI BEACH -- Not a red flag, but perhaps a caution flag for the housing market in Florida. Web site "Go-Banking-Rates-dot-com" ranked 50 markets that are at risk of a downturn. It says Florida has more of those markets than any other state.. at 15.
Three are in the top 20... Miami Beach the worst in Florida at number six. The Tampa suburb of Riverview ranks 13th, and Fort Pierce ranks 20th.
Researcher Andrew DiPietro (PEE-tro) says international buyers are contributing to volatility. It takes 225 days to sell a house in Miami Beach on average... longer than any city on the list. Average prices have fallen five percent in the last two years.
The Tampa suburb of Riverview, at number 13. DiPietro says it has an abnormally high foreclosure rate... about 1 in 796 homes... and prices are sluggish. DiPietro says about a quarter of homes on the market in Riverview have been marked down.
Factors used in the survey include median list price, two year price changes, percentages of underwater home and foreclosures.
Here's the list of Florida markets:
Miami Beach (6th)
Fort Pierce (20th)
Port St. Lucie (28th)
West Palm Beach (39th)
Fort Lauderdale (44th)
Fort Myers (50th)