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The risk of reductions in home prices across the U.S. has been caused by the year-over-year slowdown in the rate of price appreciation housing and a decline in housing affordability, according to PMI Mortgage Insurance Co. The forecasts are based on the winter of 2007 PMI Market Risk Index report that lists communities at risk of declining home prices in the coming years. Several communities are at risk of price declines housing but in areas with strong economic fundamentals and low unemployment rates, job growth and income, the risk of falling home prices is much smaller.
Out of over 50 metropolitan statistical areas (MSA), 34 have shown an increased risk of falling home prices. PMI U.S. Market Risk Index (SM) score was therefore increased from 328 to 342, increasing the risk of declining home prices over the next 2 years to 34.2%. The year-over-year appreciation rate has declined in 43 of the 50 largest MSAs.
The risk of falling prices housing rose 50% from 18% last quarter in 19 MSAs in California and the east coast facing the greatest risk. Eight of these agreements administrative services are in California, eight in the Northeast and two in Florida.
However, most MSAs are going strong on the economic front in terms of unemployment and job growth among 46 of the 50 MSAs recording employment growth. New Orleans topped the list of MSAs recorded positive employment growth of 8.37%. Only Detroit and Warren in Michigan, Cleveland, Ohio and Indiana, Indianapolis saw a drop in employment growth rate.
The top 20 communities in reducing risk of housing prices and their qualifications risk are:
1.Sacramento-Arden-Arcade-Roseville, CA – 604
2.San Diego-Carlsbad-San Marcos, CA – 603
3.Oakland-Fremont-Hayward, CA – 603
4.Santa Ana-Anaheim-Irvine, CA – 602
5.Nassau-Suffolk, NY – 601
6.Riverside-San Bernardino-Ontario, CA – 600
7.The Angeles-Long Beach-Glendale, CA – 597
8.Boston-Quincy, MA – 595
9.Providence-New Bedford, Fall River, RI-MA – 595
10.San Jose-Sunnyvale-Santa Clara, CA – 592
11.SAN Francisco-San Mateo, Redwood City, CA – 588
12.Edison, NJ – 586
13.Fort Lauderdale-Pompano Beach-Deerfield Beach, FL – 579
14.Washington-Arlington-Alexandria, DC-VA-MD-WV – 568
15.New York-Wayne White Plains, NY-NJ – 566
16.Cambridge-Newton-Framingham, MA – 563
17.The Vegas-Paradise, NV – 550
18.Newark-Union, NJ-PA – 549
19.Miami-Miami Beach, Kendall, FL – 535
20.Baltimore-Towson, MD – 498
If you are considering buying a house, condo or other real property, be sure to seek the services of a local real agent roots to advise on real-time local market conditions.
About the Author:
San Diego Homes
Article Source: ArticlesBase.com – Top 20 U.S. Communities At Risk For Home Price Reductions
