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10 Worst Real Estate Markets for 2009

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Eli Weiss

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Senior Member
Joined
Nov 28, 2005
Professional Status
Certified Residential Appraiser
State
New York
10 Worst Real Estate Markets for 2009

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.

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.
10.jpg

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%
20.jpg

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%
15.jpg

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%
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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%

10. Washington, D.C.
2008 median house price: $343,160
2009 projected change: -19.9%
2010 projected change: -5.7%


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

Joe Booth

Junior Member
Joined
Oct 16, 2003
Professional Status
Certified Residential Appraiser
State
California
Eight out of ten!!! Whoo Hoo!!!!
 

Joe Booth

Junior Member
Joined
Oct 16, 2003
Professional Status
Certified Residential Appraiser
State
California
As far as I am concerned, the whole country has been broke since the time we found it acceptable to deficit spend.
 

Tim Schneider

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Joined
Feb 8, 2007
Professional Status
Certified Residential Appraiser
State
Wisconsin
I have recently found the worst markets are the ones you have to go to for a refi on a property you appraised a few years ago. Those are tough ones to write!
 

Elliott

Elite Member
Joined
Apr 23, 2002
Professional Status
Certified General Appraiser
State
Oregon
And I'm willing to bet that all those markets with 22% projected losses
in 2009 will have lots of MBs making FHA loans at 97-1/2%. Someone
must be dumb or asleep who makes decisions. Maybe they'll
have appraiser's put those DOT signs that say, "Your tax dollars
at work."
 

Joe Booth

Junior Member
Joined
Oct 16, 2003
Professional Status
Certified Residential Appraiser
State
California
Someone
must be dumb or asleep who makes decisions. QUOTE]

Someone on the forum coined the label "Magoos". They can hardly see the hand in front of them let alone the long term consequences of bad decisions which were probably motivated by pocket lining or special interests.
 
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