Top 20 U.S. Communities at risk of reduced property prices
The risk of a reduction in house prices across the USA was caused by slippage of the year slowing rate of appreciation of house prices and declining affordability housing, according to PMI Mortgage Insurance Co. The forecasts are based on the 2007 Winter Market Index PMI risk report that lists communities who face the risk of falling housing prices in the years to come. Several communities are at risk of reduced housing prices, but in areas with high economic fundamentals, that the low unemployment rate, job growth and income, the risk of falling property prices are much lower.
On more than 50 metropolitan statistical areas (MSA), 34 showed an increased risk of home price declines. The PMI U.S. Market Risk Index (SM) Average score increased accordingly from 328 to 342, increasing the risk of falling property prices over the next 2 years to 34.2%. The shift rate assessment of a year has slowed in 43 of the 50 largest MSAs.
The risk of falling property prices rose 50% from 18% last quarter in 19 MSAs in California and the East Coast against most risks. Eight of these MSAs are located in California, eight in north-east and two in Florida.
However, the Most MSAs are hard on the economic front in terms of unemployment and employment growth with 46 of the 50 metropolitan areas grew employment. New Orleans tops the list of MSAS save a job growth of 8.37% positive. Only Detroit and Warren, Michigan, Cleveland, Ohio and Indiana, Indianapolis has seen a decline in the rate of employment growth.
The top 20 communities in reducing risk of housing prices and credit ratings are as follows:
1.Sacramento-Arden-Arcade-Roseville, CA – 604
2.Without Diego-Carlsbad-San Marcos, CA – 603
3.Oakland-Fremont-Hayward CA – 603
4.Santa Ana-Anaheim-Irvine, CA – 602
5.Nassau-Suffolk, NY – 601
6.Riverside-San Bernardino-Ontario, CA – 600
7.The Angeles-Long Beach-Glendale, CA — 597
8.Boston-Quincy, MA – 595
9.Providence-New Bedford, Fall River, RI-MA – 595
10.San Jose-Sunnyvale-Santa Clara, CA – 592
11.SAN Francisco-San Mateo, Redwood City, CA – 588
12.Edison, NJ – 586
13.Fort Lauderdale-Pompano Beach-Deerfield Beach, FL – 579
14.Washington-Arlington-Alexandria, DC-VA-MD-WV – 568
15.New York-Wayne White Plains, NY-NJ – 566
16.Cambridge-Newton – Framingham, MA – 563
17.The Vegas-Paradise, NV – 550
18.Newark Union, NJ-PA – 549
19.Miami-Miami Beach, Kendall, FL – 535
20.Baltimore-Towson, MD – 498
If you're considering buying a house, condo or other real estate sure to use services of a local real estate agent for advice on real time conditions of the local market.
About the Author
San Diego Homes
Orange County NAHREP’s 2010 Industry & Economic Forum
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