PMI: Home Prices Could Be Lower in 2011
Image courtesy of PMI Group
A report from mortgage insurer PMI Group shows that home prices may fall in many of the largest metropolitan areas in the U.S. (including the DC area) through the beginning of 2011.
According to the report, thirty of the 50 largest areas have at least a 75 percent chance of lower home prices through March 2011. The firm says that this is largely due to the rise in unemployment and foreclosure filings that the country has experienced in recent months.
The Washington area (including DC, Northern Virginia, Maryland and parts of West Virginia) showed a 92 percent chance of lower prices. For comparison, Baltimore has a 90 percent chance of home prices dropping, and New York City showed an 88 percent chance.
Fifteen areas in the country have a 99 percent probability of lower prices in 2011 including: Miami, Fort Lauderdale, West Palm Beach, Orlando, Tampa, Jacksonville, Riverside, Los Angeles, Santa Ana, Sacramento, San Diego, Las Vegas, Phoenix, Providence and Detroit.
This article originally published at http://dc.urbanturf.com/articles/blog/pmi_home_prices_could_be_lower_in_2011/1108
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6 Comments
Refreshing to see some truth tellers out there.
Is there anything out there that just includes DC and not the “metro area?” I have to think home prices in the city proper are more stable than the suburbs.
If you go to the PMI website, they have a list of what they consider “declining markets” by zip code or state. Here’s the link: http://www.pmi-us.com/map/
Case-Schiller just reported the opposite and that home prices were ticking up.
Rob -
link?
Oh sadly the real estate market continues to struggle to regain any ground in the USA. I have observed that the higher end appears reasonably healthy, or optimistic in their asking price, whereas the middle and lower end are anybodies who are willing to take a risk that is has bottomed out. I am not sure we have seen the end to the downward trend.