Jax ranks 18th in Business Week's "Metros with the Biggest Rent Drops"

[ProjectMaximus]

http://images.businessweek.com/ss/09/01/0122_rentdrops/19.htm

[Joe]

"The city's foreclosure rate is among the nation's worst and its economy is sagging."

It's amazing what damage one faulty Forbes article can do.

For those who don't know, Jax has a moderate foreclosure rate, and is actually doing a whole lot better than most places in Florida. However, Forbes came out with a ranking that projects Jacksonville as the nation's "Foreclosure Capital" by using the faulty method of comparing percent increase in foreclosures, rather than the actual number or rate.

So when Business Week prints the incorrect information that Jax has "among the worst" foreclosure rate, they must have pulled it directly off of Forbes, without bothering to read what their ranking actually measured.

[thelakelander]

Here are the others on this list.  I guess rustbelt cities like Toledo and Youngstown are the places to be:

1. Salt Lake City

2. Nassau-Suffolk (Long Island, N.Y.)

3. Raleigh-Cary, NC

4. New York - Wayne-White Plains, NY/NJ

5. Seattle-Bellevue-Everett, WA

6. Portland-Vancouver-Beaverton, OR/WA

7. San Jose-Sunnyvale-Santa Clara, CA

8. Charlotte-Gastonia-Concord, NC

9. Oakland-Fremont-Hayward, CA

10. Boston-Cambridge-Quincy, MA

11. Santa Ana-Anaheim-Irvine, CA

12. Los Angeles-Long Beach-Glendale, CA

13. Oklahoma City, OK

14. Austin-Round Rock, TX

15. Nashville-Davidson-Murfreesboro, TN

16. Atlanta-Sandy Springs-Marietta, GA

17. San Francisco-San Mateo-Redwood City, CA

18. Jacksonville, FL

19. Minneapolis-St. Paul-Bloomington, MN

20. Memphis, TN

21. Las Vegas-Paradise, TN

22. San Diego-Carlsbad-San Marcos, CA

23. Birmingham-Hoover, AL

24. Sacramento/Arden-Arcade/Roseville, CA

25. Richmond, VA

[jtwestside]

I know that when I had my Realtor pull comps for rentals in my area they were very very low. It has to be a byproduct of the foreclosures. People are saying "if I can't sell for what I owe maybe I can rent and ride it out for a while" flooding the market and pushing prices down. It's supply and demand.

[reednavy]

Lake, you made a boo boo, Las Vegas-Paradise MSA is in NV, not TN.

They need to update the Nashville area, it is now Nashville-Davidson-Murfreesboro-Franklin MSA.