10 Worst Real Estate Markets In 2009
As I mentioned in a previous post, the real estate market hasn’t hit bottom yet.
According to an Article in Fortune Magazine, 8 of the top 10 worst real estate markets in 2009 are in California. The range of the predicted price decline is between 20 to 25%.
1. Los Angeles
2008 median house price: $375,340
2009 projected change: -24.9%
2010 projected change: -5.1%
The median home price in the L.A.-Long Beach-Glendale metro area is projected to fall nearly 25% in 2009 – the biggest drop in the country.
 Courtesy: Stockton CVE |
2. Stockton, Calif.
2008 median house price: $248,050
2009 projected change: -24.7%
2010 projected change: -4.0%
3. Riverside, Calif.
2008 median house price: $256,540
2009 projected change: -23.3%
2010 projected change: -4.8%
 AP Photo |
4. Miami-Miami Beach
2008 median house price: $293,590
2009 projected change: -22.8%
2010 projected change: -6.4%
Miami will be nursing the hangover from its epic building boom for years to come. After falling 22% in 2008, prices are predicted to plunge another 23% next year.
5. Sacramento
2008 median house price: $225,140
2009 projected change: -22.2%
2010 projected change: 2.3%
 AP Photo/Joan C. Fahrenthold |
6. Santa Ana-Anaheim
2008 median house price: $532,810
2009 projected change: -22.0%
2010 projected change: -3.5%
7. Fresno
2008 median house price: $257,170
2009 projected change: -21.6%
2010 projected change: -3.3%
 BusinessFacilities.com |
8. San Diego
2008 median house price: $412,490
2009 projected change: -21.1%
2010 projected change: -2.9%
9. Bakersfield, Calif.
2008 median house price: $227,270
2009 projected change: -20.9%
2010 projected change: -2.5%
 AP Photo/J. Scott Applewhite |
10. Washington, D.C.
2008 median house price: $343,160
2009 projected change: -19.9%
2010 projected change: -5.7%
They haven’t really given any reasoning behind the numbers, but if you listen to the video in the previous post you can at least see that there’s some validity to their logic.
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December 29th, 2008 at 2:06 pm
These magazines are always late to the prediction game. In 2005 and even in 06 they were predicting huge gains in the housing markets nationwide. Their call for 07 and for 08 was a slight correction, like down 5-10%. Now this obvious prediction of another 20%+ decline in overbuilt/overbought areas. Not exactly going out on a limb!