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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:https://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%

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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.