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Old 09-02-2007, 06:48 PM
 
Location: Florida
272 posts, read 1,526,172 times
Reputation: 159

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According to Forbes magazine, a new report projects home-price declines for the next two years. The riskiest markets are in Florida, California, Nevada and Arizona.

Headed for decline
Not surprisingly, the riskiest markets identified by the index are located in areas that saw rapid price appreciation, a reduction in affordability followed by a rapid decrease in the rate of price appreciation. Of the 15 biggest cities with the greatest risk for price decline -- with more than a 50% chance of lower home values by mid-2009 -- five were in California and four were in Florida.

At the highest end of the spectrum, the following major markets all have a greater than 60% chance of declines, according to PMI:
  • Riverside-San Bernardino-Ontario, Calif. (65.2%);
  • Phoenix-Mesa-Scottsdale, Ariz. (64.6%);
  • Las Vegas-Paradise, Nev. (61.4%);
  • West Palm Beach-Boca Raton-Boynton Beach, Fla. (60.7%).
Also at risk for dropping values
The next-riskiest top 50 metro areas on the PMI index, with a 50% or greater chance of dropping values in two years, are:
  • Los Angeles-Long Beach-Glendale, Calif. (58.6%);
  • Santa Ana-Anaheim-Irvine, Calif. (57.7%);
  • Oakland-Fremont-Hayward, Calif. (57.2%);
  • Orlando-Kissimmee, Fla. (56.3%);
  • Sacramento-Arden-Arcade-Roseville, Calif. (56.0%);
  • San Diego-Carlsbad-San Marcos, Calif. (55.5%);
  • Fort Lauderdale-Pompano Beach-Deerfield Beach, Fla. (54.2%);
  • Miami-Miami Beach-Kendall, Fla. (52.4%);
  • Tampa-St. Petersburg-Clearwater, Fla. (50.6%);
  • Boston-Quincy, Mass. (50.1%);
  • Washington, D.C.-Arlington-Alexandria, Va.-W.Va. (50%).
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Old 09-05-2007, 10:40 PM
 
Location: imprisoned in chicago
326 posts, read 467,062 times
Reputation: 52
from my point of view, dropping values = cheaper houses and more bargains.
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Old 09-05-2007, 11:05 PM
 
Location: Tampa, Fl (SoHo/Hyde Park)
1,336 posts, read 4,946,844 times
Reputation: 1039
real estate is currently a disaster throughout florida but especially in south florida
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Old 09-06-2007, 01:23 PM
 
Location: Heartland Florida
9,324 posts, read 26,651,377 times
Reputation: 5038
Has anyone ever done research as to why South Florida has the most ridiculous real estate market?
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Old 09-06-2007, 01:49 PM
 
Location: Tampa
3,982 posts, read 10,427,439 times
Reputation: 1200
from everything ive read, it was mostly speculation and greed.
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