The home market has slowed down, but the risk associated with homes prices 2 years from now have bifurcated. The worst markets according the the PMI Institute study show an almost certainty that home prices will be lower than they are today in the following communities. But looking down the list the majority of homes in the country are expected to be at a higher prices, with many markets this being a certainty.
Top 10 Riskiest Home Markets For Fall, 2008
Fort Lauderdale-Pompano Beach-Deerfield Beach; FL A 99.5
Riverside-San Bernardino-Ontario; CA 99.5
Orlando-Kissimmee; FL 99.4
Miami-Miami Beach-Kendall; FL 99.3
Tampa-St. Petersburg-Clearwater; FL 99.0
Las Vegas-Paradise; NV 98.5
Los Angeles-Long Beach-Glendale; CA 98.5
Santa Ana-Anaheim-Irvine; CA 97.7
Jacksonville; FL 97.5
Phoenix-Mesa-Scottsdale; AZ 96.3
The number at the end is the percentage chance that homes prices will be lower in 2 years.
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Interesting – yesterday Case Shiller release price index and Tampa market showed flat versus months of declining numbers – many think we have hit the bottom in July with prices back to 2005 levels – of course who know what will happen with "the armegedon bailout" – get we'll see in 2 years
I'm an appraiser in Pompano Beach FL. I'm seeing condo units which sold for 300k 2 to 3 years ago selling below 115k at foreclosure. It also looks like a lot more foreclosures are going to hit the market soon.
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