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There has been a change in the risk of reductions in home prices in the U.S. to Florida and California and some areas of the Southwest, according to PMI Mortgage Insurance Co. 's U.S. summer 2007 Index of Market Risk. The index ranks the 50 largest metropolitan statistical areas in the U.S. according to the risk of reduction in housing prices over the next two years.
On average, the 50 MSAs was 346, which is 34.6% possibility that home prices will decline in the next two years. The PMI risk index model has been updated this year with the inclusion of recent volatility price in the market. Also on this year's index includes rankings of risk, where the MSA is consistent with the features are grouped under the same range. Thus Therefore we have Riverside, California, Phoenix, Arizona, Las Vegas, NV, and West Palm Beach, FL group classified in the top of the index with a 60% chance of reducing price of housing in the next two years. Five MSAs in California – Los Angeles, Santa Ana, Oakland, Sacramento and San Diego in California, and four in Florida – Orlando, Fort Lauderdale, Miami and Tampa are among the top 11 who are facing a decline in home prices of more than 50%.
Home rates of price appreciation has declined in almost all the 50 largest MSAs. The number of MSAs that recorded one of the houses in double digits in the first quarter of 2007 was reduced to five, well below last year 26.
The markets have had a history of All these gadgets are, not a bad time to buy a home as a long term investment, provided that buyers choose their mortgage package with care and have expectations realistic in its recognition properties.
The following are the top 15 metropolitan areas that are likely to experience home price declines in the next two years, with their rows in the front group, and the final results.
1 Riverside-San Bernardino-Ontario, CA – 652
1 Phoenix-Mesa-Scottsdale, AZ – 646
1 Las Vegas-Paradise, NV – 614
1 West Palm Beach-Boca Raton, Boynton Beach, FL – 607
2 Los Angeles-Long Beach-Glendale, CA – 586
2 Santa Ana-Anaheim-Irvine, CA – 577
2 Oakland-Fremont-Hayward, CA – 572
2 Orlando-Kissimmee, FL – 563
2 Sacramento-Arden-Arcade-Roseville, CA – 560
2 San Diego-Carlsbad-San Marcos, CA – 555
2, Fort Lauderdale-Pompano Beach-Deerfield Beach, FL – 542
2 Miami-Miami Beach, Kendall, FL – 524
2 Tampa-St. Petersburg-Clearwater, FL – 506
2 Boston-Quincy, MA – 501
2 Washington-Arlington-Alexandria, DC-VA-MC – 500
Be sure to contact a local real estate agent, if you are looking to buy or sell a house, condo, or any other real estate.
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San Diego Condos
Article Source: ArticlesBase.com – Top 15 U.s. Cities With Likely Home Price Reductions
