Forbes ranks Phoenix 10th in survey of nation’s riskiest real estate markets

It’s risky business when it comes to real estate in Phoenix. The metro area ranked 10th in Forbes.com’s report this week on America’s Riskiest Real Estate Markets.

Detroit ranked No. 1 followed by Orlando, Fla.; Cleveland; St. Louis; Miami; Las Vegas; Sacramento, Calif.; Denver and Tampa, Fla.

In ranking Phoenix 10th, Forbes noted the overbuilding, job growth reliant on the construction industry, an inventory of 53,000 homes for sale, a high foreclosure rate and sales prices below owner’s asking prices.

Forbes.com looked at the country’s 40 largest metros combining data on foreclosures, from RealtyTrac, job growth from the Bureau of Labor Statistics, transaction volume from Radar Logic, and vacancy and inventory from the U.S. Census Bureau and ZipRealty. For more click here