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Old 12-23-2008, 12:18 PM
 
1,119 posts, read 2,463,420 times
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No Detroit?

1. Los Angeles2008 median house price: $375,340
2009 projected change: -24.9%
2010 projected change: -5.1%

The median home price in the L.A.-Long Beach-Glendale metro area is projected to fall nearly 25% in 2009 - the biggest drop in the country.

2. Stockton, Calif.2008 median house price: $248,050
2009 projected change: -24.7%
2010 projected change: -4.0%

One in every 94 homes received a foreclosure filing this November in this northern California market near Sacramento, according to RealtyTrac. Eight of the ten worst housing markets projected for 2009 are in California

3. Riverside, Calif.2008 median house price: $256,540
2009 projected change: -23.3%
2010 projected change: -4.8%

A popular boom earlier this decade fueled runaway prices for single-family homes in this market, which includes San Bernardino and Ontario, outside Los Angeles. Median prices are expected to fall to $197,000 in 2009, down nearly $60,000 from 2008.

4. Miami-Miami Beach2008 median house price: $293,590
2009 projected change: -22.8%
2010 projected change: -6.4%

Miami will be nursing the hangover from its epic building boom for years to come. After falling 22% in 2008, prices are predicted to plunge another 23% next year.

5. Sacramento 2008 median house price: $225,140
2009 projected change: -22.2%
2010 projected change: 2.3%

High jobless rates and low population growth are helping burst the capital city's inflated housing market. Prices are expected to fall another 22% in 2009, after tumbling 34% in 2008.

6. Santa Ana-Anaheim2008 median house price: $532,810
2009 projected change: -22.0%
2010 projected change: -3.5%

Of the 100 biggest markets, this Orange County area, which includes Anaheim and Irvine, was the fifth most expensive place to live this year. But in 2009, prices are forecast to decline by $121,000.

7. Fresno 2008 median house price: $257,170

2009 projected change: -21.6%
2010 projected change: -3.3%

Fresno is located between Los Angeles and Sacramento, but it shared their housing woes. Prices in 2009 are expected to fall 44% from just two years ago.

8. San Diego2008 median house price: $412,490
2009 projected change: -21.1%
2010 projected change: -2.9%

As the luxury condo boom continues to fizzles, median home prices in this southern California market are forecast to fall $87,000 to $326,000 in 2009.

9. Bakersfield, Calif.2008 median house price: $227,270
2009 projected change: -20.9%
2010 projected change: -2.5%

This city north of Los Angeles had the ninth highest foreclosure rate in November, as one of the country's largest real estate bubbles continues to burst. Including Bakersfield, six of the ten worst foreclosure markets were in California.

10. Washington, D.C.2008 median house price: $343,160
2009 projected change: -19.9%
2010 projected change: -5.7%

This market, which includes bordering Virginia towns Arlington and Alexandria, is cooling off from record highs. Forecasts call for median prices to slide 20% to $275,000 in 2009.

10 worst real-estate markets for 2009 - Washington, D.C. (10) - FORTUNE
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Old 12-23-2008, 12:23 PM
 
Location: Houston Texas
2,898 posts, read 2,879,263 times
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There are definitely no surprises with that list except maybe Washington DC. One of the reasons you won't find Detroit on that list is because Detroit never has has an outrageously inflated housing market
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Old 12-23-2008, 12:41 PM
 
4,953 posts, read 8,542,192 times
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I am not surprised by that list. Each of those cities also saw the biggest increases when the market took off. So they are basically coming back down to earth from some inflated prices.
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Old 12-23-2008, 01:31 PM
 
Location: 78747
3,202 posts, read 4,887,229 times
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Detroit is not on that list because you can buy a 3/1 single-family home for less than $2000. Don't believe me, look it up on Trulia.com
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Old 12-23-2008, 01:34 PM
 
Location: West LA
2,318 posts, read 7,010,055 times
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I'm stoked that LA tops this list since I'm going to be in the market to buy my first home. Hopefully between FHA and dropping prices and can make my home buying dreams come true!
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Old 12-23-2008, 03:28 PM
 
Location: Southeast Missouri
5,812 posts, read 16,659,924 times
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Detroit never had a big increase in prices, so it is not listed here. LA and the cities listed here had a crazy jump in real estate prices and not they're falling back down to earth.
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Old 12-23-2008, 03:37 PM
 
1,992 posts, read 6,035,933 times
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Those speculators and unhinged developers in Miami have really dug themselves a deep grave this time. They thought they were going to be Dubai West....Now look at them. It may be decades before they have another building boom.
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Old 12-23-2008, 03:56 PM
 
345 posts, read 384,115 times
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Quote:
Originally Posted by STLCardsBlues1989 View Post
Detroit never had a big increase in prices, so it is not listed here. LA and the cities listed here had a crazy jump in real estate prices and not they're falling back down to earth.
My sister-in-laws place in the Hollywood Hills has hardly depreciated in the downturn at all, and I see what the place in Calabasas, CA we almost bought back in 1999 is worth now, 3 times what we would have paid. Contrast that with my stucco box in Arizona that is just staying even. Location, location, location.
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Old 12-23-2008, 04:13 PM
 
2,153 posts, read 5,002,754 times
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This is EXACTLY why the public shouldn't buy into this whole real estate gloom and doom crap. For most locations what the media is selling simply isn't true. Though I think most people realize this.
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Old 12-23-2008, 05:07 PM
 
Location: Omaha
2,716 posts, read 6,216,427 times
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Quote:
Originally Posted by LASam View Post
I'm stoked that LA tops this list since I'm going to be in the market to buy my first home. Hopefully between FHA and dropping prices and can make my home buying dreams come true!
You bet it will. Now is probably a good time to start looking. Once in a lifetime opportunity if you are financially able.
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