10 Markets Set For Steep Losses

Five of the top ten markets that are projected to see further property value losses into 2009 are in Florida… that’s disturbing news folks. According to Money Magazine this market has not bottomed out and we can expect to see further negative numbers into 2009-2010. I came across this article and wish to share it you.

The worst isn’t over for Miami, Phoenix, and hard hit areas of California, which are forecast to see big price drops in the next 12 months, according to Money Magazine.

View link: http://money.cnn.com/galleries/2008/moneymag/0805/gallery.resg_losers.moneymag/10.html

Miami, Florida
12-month forecast: -24.9%
Median home price: $329,000
One year price change: -9.8%
Five year price change: 94.8%
Prices forecast to hit bottom: April-June, 2010
Change in foreclosure rate: 370%

Fort Lauderdale, Florida
12-month forecast: -22.2%
Median home price: $309,000
One year price change: -17%
Five year price change: 56.1%
Prices forecast to hit bottom: April-June, 2010
Change in foreclosure rate: 450%

Orlando, Florida
12-month forecast: -21%
Median home price: $245,000
One year price change: -13.1%
Five year price change: 62.5%
Prices forecast to hit bottom: July-Sept., 2010
Change in foreclosure rate: 399%

Phoenix, Arizona
12-month forecast: -18.3%
Median home price: $237,000
One year price change: -15.2%
Five year price change: 60.9%
Prices forecast to hit bottom: Oct.-Dec., 2009
Change in foreclosure rate: 9%

Las Vegas, Nevada
12-month forecast: -18.3%
Median home price: $277,000
One year price change: -15.7%
Five year price change: 60.8%
Prices forecast to hit bottom: Jan.-Mar., 2010
Change in foreclosure rate: 2%

West Palm Beach, Florida
12-month forecast: -17.6%
Median home price: $305,000
One year price change: -18.7%
Five year price change: 46.1%
Prices forecast to hit bottom: Oct.-Dec., 2009
Change in foreclosure rate: 435%

Tampa, Florida
12-month forecast: -17.1%
Median home price: $200,000
One year price change: -12.8%
Five year price change: 52.1%
Prices forecast to hit bottom: Jan.-Mar., 2010
Change in foreclosure rate: 281%

Riverside, California
12-month forecast: -16.9%
Median home price: $340,000
One year price change: -26.3%
Five year price change: 49.9%
Prices forecast to hit bottom: April-June, 2009
Change in foreclosure rate: 299%

Tucson, Arizona
12-month forecast: -16.9%
Median home price: $217,000
One year price change: -7.6%
Five year price change: 54.5%
Prices forecast to hit bottom: Jan.-Mar., 2010
Change in foreclosure rate: 14%

Stockton, California
12-month forecast: -16.8%
Median home price: $341,000
One year price change: -31.9%
Five year price change: 17.8%
Prices forecast to hit bottom: April-June, 2009
Change in foreclosure rate: 379%

Visit Our Website: LuxuryResortPortfolio.com

The information herein is believed to be accurate but not guaranteed and may be subject to errors, omissions and changes without notice. This is not to be construed as a solicitation of property presently listed for sale.

All information is derived from the Palm Beach County Property Appraisers website and the MLS.

This entry was posted in boca raton, Broward County, delray beach, Luxury Resort Portfolio, Miami-Dade, Palm Beach County, real estate, The Smiths on by .

About Luxury Resort Portfolio

Luxury Resort Portfolio – "The Definitive Source For Luxury Real Estate In South Florida" is Co-Founded by Boca Raton luxury real estate specialist Philip Lyle Smith and South Florida luxury real estate broker Carla Ferreira-Smith, collectively known as, “The Smiths”… and together we represent, market and sell the most prestigious Baca Raton Oceanfront Estates and Waterfront Luxury Real Estate. As former Sotheby’s International Realty and Christie’s International Real Estate affiliates and an authority in Boca Raton luxury real estate for more than a decade, Palm Beach County Realtors,The Smiths, specialize in the sale and acquisition of fine properties found along the Gold Coast of South Florida from Miami to Ft. Lauderdale and Boca Raton to the Palm Beaches. Philip and Carla Smith bring a sincere commitment to their profession and offer their clients incomparable firsthand knowledge and experience. Devoted and committed to our clients’ confidentiality, we provide our trusted advice and are appreciated for our family values with a great deal of respect for home and community. Representing both buyers and sellers of the finest residential luxury real estate in South Florida from the oceanfront estates of Highland Beach and Delray Beach through the waterfront intracoastal homes of Manalapan, Gulf Stream and the mansions of Palm Beach, Luxury Resort Portfolio instills in its’ real estate professionals the importance of understanding how personal the decision is to buy or sell your home and that that the procedure should not only be stress-free... but financially rewarding. It is with great pride that Philip Lyle Smith and Carla Ferreira-Smith offer to you their superb client services.