Safest Housing Markets Incase Of A Recession
With plenty of economic uncertainty floating about in recent months, it is likely that mortgage professionals will be looking at preparing for a possible recession. Should a recession hit, National Mortgage News has prepared a list of the safest housing markets.
"Home prices are high right now, but they're high because there's not enough supply to meet demand, which means there's not a bubble at risk of bursting," Daryl Fairweather, Redfin chief economist, said in a press release.
"Most of today's financed homeowners have excellent credit and a cushion of home equity, making them unlikely to default on their mortgage even if their weekly grocery bill grows or their stock portfolio shrinks in the next recession."
So, if a recession were to hit, what are some of the safest housing markets that mortgage professionals can set up shop in? NMN's list places San Francisco, Kansas City, Oklahoma City, Denver and Philadelphia in the 15-11 spots respectively.
The markets have been organized in terms of their overall risk, home price volatility and home sale price-to-income ratio.
To see which cities made it into the top 10, click on the image above.