10 Worst Real Estate Markets for 2009

[Crewleader]

Tuesday, December 23, 2008

provided by Fortune on CNN Money.com

The housing market hasn't bottomed out yet. For the third quarter, the closely-watched S&P Case-Shiller national home-price index fell 16.6%, and experts are predicting further declines. Of the top 100 markets, here are 10 with the worst forecasts.

http://finance.yahoo.com/real-estate/article/106346/10-Worst-Real-Estate-Markets-for-2009

[Vincardog]

1. #1 -3 in overpriced sunny CA, #4 FL ; #5 - 9 CA again and #10 in DC. Where is Vegas?

[maxsolomon]

2. 8/10 are in California?

I call BS.

[Idealism]

4. These are projections, not current statistics

Its projected for 2009 percentage wise to be the worst drops.

Phoenix, Las Vegas, etc aren't on the list because those markets are deemed more resilient apparently.

[notesdev]

11. Sounds right to me

And I've had my eye on mortgage stats for a long time. California is one huge sinkhole of bad mortgage debt, at the height of the frenzy they were selling shacks in the slums for a half million dollars. The only thing that surprises me on this list is that Florida didn't take both the other slots.

DC will probably weather this better than most, government is recession-proof and this area is dominated by government employment and contractors.

[Idealism]

3. Try to blame poor minorites for causing this now, Republicans

1.Los Angeles,CA- 2008 median house price: $375,340
2.Stockton, CA- 2008 median house price: $248,050
3.Riverside, CA- 2008 median house price: $256,540
4.Miami-Miami Beach, FL- 2008 median house price: $293,590
5.Sacramento, CA- 2008 median house price: $225,140
6.Santa Ana-Anaheim, CA - 2008 median house price: $532,810
7.Fresno, CA - 2008 median house price: $257,170
8.San Diego, CA - 2008 median house price: $412,490
9.Bakersfield, CA - 2008 median house price: $227,270
10. Washington, D.C. - 2008 median house price: $343,160

Yep, all the cities that them poor people live in.

[progressive_realist]

6. Actually, those are the cities poor people live in, at least in CA.

Shows you just how much property prices got inflated. Stockton and Sacramento are bedroom communities for families priced out of the Bay Area markets. Riverside is the same for L.A. Bakersfield is an oil town, but otherwise there is no reason for anyone to want to live there. Fresno strikes me as a city lifted straight from the Third World -- a handful of wealthy land-owning families and everyone else dirt-poor. I have no idea how prices ever got that high there.

Conspicuously absent from the list are S.F., San Jose, or Santa Barbara, despite their astronomical housing prices.

[Idealism]

7. California's minimum standard of living

is wayyy inflated compared to the averages, no matter what city we are talking about. And this list isn't current bottom outs, this is an expected list of next year percentage lost.

[GodlessBiker]

5. Wow. So many in California. And I want to move there.

[Mike 03]

9. Northern or Southern, or somewhere else? You could be looking at some primo opportunities

in a year or two.

[GodlessBiker]

10. Southern...Palm Springs.

[Mike 03]

8. And we probably still have another 15% to go, at least in these areas and cities here in AZ,

as well as NV, FL.