Today's Financial News (TFN) cites our quality Universities, and medical centers and the fact that "Some of the highest-educated, most demanding and discerning individuals (and their families) in the world congregate here, requiring not only homes but offices, restaurants and retail enclaves."
What pushes this region to the number one spot, however, is its unique mix of foreclosures. Though not the nation’s highest (compared to 3.8% in Seattle or 4.9% in Detroit), foreclosures here represent a larger number of available properties at any given moment than in most areas.
Relatively low unemployment, property taxes, and the high overall quality of life in the Raleigh-Durham area, coupled with the lack of localization to the foreclosed properties, reveals these foreclosures to not be indicative of widespread economic distress, but rather of individual failures — and a regional banking system unwilling to carry the losses any longer than necessary.
The Top 5 U.S. Real Estate Markets of 2008
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