WORST 25 U.S. HOUSING MARKETS

Posted on September 14, 2008. Filed under: -- Austin Related, -- Real Estate Guide For Today's Market, -- Top 10..., -- Uncategorized | Tags: , , , , , |


By Molly Greaves      

Hopefully you’ve read, or are planning to read my other blog, the Top 25 APPRECIATING Markets in the US. I got this information from HousingPredictor.com and they have some wonderful resources on their website. I thought this information was valuable and worth sharing with you.  Hopefully if your in Ontario, Vegas or Miami you can stay kah-put with your real estate investments and aren’t having to cash out while times are tough.

 

Top 25 US Appreciating Real Estate Markets
 Rank   Real Estate Market   2008 Forecast
    1.    Ontario, CA     − 24.5%
    2.    Las Vegas , NV     − 23.7%
    3.    Miami , FL     − 22.1%
    4.    Detroit , MI     − 19.7%
    5.    Phoenix , AZ     − 19.6%
    6.    Sacramento, CA     − 19.1%
    7.    Los Angeles , CA     − 18.5%
    8.    Anaheim, CA     − 17.4%
    9.    San Diego, CA     − 16.7%
   10.    Palm Beach, FL     − 14.7%
   11.    Naples , FL     − 13.9%
   12.    Fresno, CA     − 12.9%
   13.    Cleveland, OH     − 12.1%
   14.    Atlanta, GA     − 11.2%
   15.    Boston, MA     − 10.9%
   16.    Bakersfield, CA     − 10.8%
   17.    Dewey Beach, DE     − 10.7%
   18.    Cambridge, MA     − 10.3%
   19.    Reno, NV     − 10.2%
   20.    Fort Lauderdale, FL     − 10.1%
   21.    Lawrence, MA     −   9.5%
   22.    San Jose, CA     −   9.1%
   23.    Indianapolis , IN     −   9.0%
   24.    Portland, OR     −   8.9%
   25.    Grand Rapids, MI     −   8.9%

 

Detroit, Michigan
San Diego, California

Fall Forecast to Accelerate      

The pain associated with the real estate crisis is more evident in California than any where else in the country. The Worst 25 Housing Market forecast, updated at mid-year for 2008 is led by Ontario, California once considered to be a distant suburb of Los Angles. Many bought homes in the Inland Empire to get a larger house for the money.

As Southern California grew the Inland Empire became a huge part of the California dream for many. But the area is now one of the hardest hit housing markets in the country in terms of foreclosures.

Las Vegas, which experienced more subprime lending than any other single urban market in the country has moved up to the second position. Prices on Las Vegas homes are falling at the fastest rate in history. The once booming market, which had become a top destination for real estate speculators, is developing into one of the worst busts in the country. But hard hit lenders are making some great deals in Las Vegas on foreclosures.

Miami is dominated by a condominium market that has gone from an all-time boom to a record breaking bust, amid foreclosures on nearly every street. Record foreclosures have been triggered by new creative adjustable rate mortgages in the conventional market and subprime. The majority of markets on the Worst 25 are experiencing rapidly spiraling rates of deflation.

Weakened by job losses in the auto business Detroit, Michigan is now fourth, followed by Phoenix, Arizona, which had the second highest rate of subprime mortgages and the highest number of new creative conventional adjustable rate mortgages for investors behind Las Vegas.

Phoenix is experiencing a worse crash in its market than during the U.S. Savings and Loan Fraud Crisis in the late 1980’s. Many other markets across the country are expected to follow suit. CLICK HERE TO GO TO HOUSE PREDICTORS homepage to learn more! It’s a great site. 

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