Fortune Magazine has projected the 10 markets in the country that will perform the worst in the coming 2 years. While this does not seem surprising as the markets that are listed have been some of the most volatile in the country, it is interesting to note that last years conventional wisdom list of markets that will crash and burn are no where near this list.
Where are Boston, Washington D.C., and Phoenix. To hear the talk last year these markets were dead and buried. Oh, well, as those guys on TV say, we report, you decide.
Market 2007 Change 2008 Change
Stockton, Calif. -7.1 percent -5.3 percent
Las Vegas -6.6 percent -8.1 percent
Bakersfield, Calif. -5.5 percent -6.6 percent
Santa Ana-Anaheim, Calif. -5.5 percent -4.5 percent
Los Angeles-Long Beach -5.4 percent -4.6 percent
Miami-Miami Beach -4.9 percent -7.5 percent
Sarasota-Bradenton, Fla. -4.8 percent -0.8 percent
Oakland, Calif. -4.6 percent -2.4 percent
Fresno, Calif. -4.6 percent -4.3 percent
Fort Lauderdale, Fla. -4.3 percent -4.3 percent
Source: Fortune
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{ 8 comments… read them below or add one }
Is the 2008 price change prediction numbers posted in the article a change from 2006 (a 2 year change) or a 2007 v 2008 change (a one year change) ? The 2007 predictions match closely with where the CME housing futures are trading the November 2007 futures contracts…. see http://housingderivatives.typepad.com/housing_der…
Fritz, it looks like that your data may be part of their equation.
no DC? no Denver? you Californians think you’re soooooooo special, don’t cha??
Yo yo yo.
'S coo', bro. Why ya' always kickin on Stock-town? Man it not be great but no way likes it shows in yo chart. Man! ah' be some realuta' here and ah' can guarantee tell ya' dat da damn wo'st be over.
Ah be baaad…
No way we be waaay down 7% dis year and 5% next. Man! No way. Slap mah fro! Dat's de trud. Oaktown be kickin an dat be some different sto'y. Slap mah fro! ah' dink its goin' t'be wo'se. Mah' peeps say dis year be goin' t'be near some reco'd year, up 8, maybe 10% cuz' we hit bottom in November. Ah be baaad… Snatch da t'de bank! Right on!
Call Darnell if ya' need some mofo high quality, top class realuhter. Ah be baaad…
Great, just what the Bakersfield residents need to see. As more of these stories come out everyone starts to get worried – more houses go on the market (especially those purchased by investors) and the prices DO start to drop!
I know for sure that Fortune is way off with the Ft. Lauderdale/Miami prediction. The reason being we have run out of land. It's impossible for prices to decline that much when we have no place else to build but up. Perhaps the condo market will take a dive for a bit, but single family homes will rule the market. We can build anymore affordable homes. The land is just to expensive. That's why the only new homes anybody can find start in the 700k range. South Florida used to be a poor mans paradise, but since we gave run out of land it's just a matter of supply and demand.
Sorry for the typo. I mean we can't build anymore affordable homes, because we ran out of land.
How about posting some of the bright spots out there? There are still some markets that are still performing, ut would be nice to see the stats of the positive trends in markets too.