The Real Deal Miami

Best and worst places to buy a home

December 22, 2010 03:22PM

CNBC’s Diana Olick talks about the best and worst local markets for 2011 in the video above. If investors want to buy, hold and rent out a home, the best places to buy, based on five metrics — price-income ratio, price-rent ratio, price declines, foreclosure rates and foreclosure resales — include Poughkeepsie, NY, Harftord, Conn., and Pittsburgh, Penn. “Markets like Hartford and Pittsburgh are on that list because they’re about on par now so they’ve returned back down to their levels of affordability before the housing run-up,” said Stan Humphries, chief economist at Zillow. In Hartford, he added, “about 10 percent of monthly transactions are foreclosure resales.” The worst markets to invest include Atlantic City, Philadelphia and Baltimore.