REALTOR® Magazine-Daily News-20 Metros That Could See Price Declines

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Daily Real Estate News | August 20, 2010 | 20 Metros That Could See Price Declines
Some 198 of the 384 markets tracked by PMI Mortgage Insurance Co. in the first quarter of this year continue to face significant risk of further price declines, the company reported Thursday.

Among the 50 most populous metros, the risk of further declines was 70 percent. These areas typically also were faced with higher unemployment and foreclosure rates, as well as excess housing supply and more volatile home prices.

The 20 riskiest markets, along with the probability of further price declines in the next two years as identified by PMI were:

1. Miami-Miami Beach-Kendall, Fla. (99.9 percent)
2. Las Vegas-Paradise, Nev. (99.9)
3. Ft. Lauderdale-Pompano-Deerfield, Fla. (99.9)
4. Riverside-San Bernardino-Ontario, Calif. (99.9)
5. Tampa-St. Petersburg-Clearwater, Fla. (99.9)
6. Orlando-Kissimmee-Sanford, Fla. (99.9)
7. Jacksonville, Fla. (99.9)
8. Los Angeles-Long Beach-Glendale, Calif. (99.9)
9. Santa Ana-Anaheim-Irvine, Calif. (99.7)
10. Phoenix-Mesa-Glendale, Ariz. (99.4)
11. San Diego-Carlsbad-San Marcos, Calif. (98.8)
12. Detroit-Livonia-Dearborn, Mich. (98.7)
13. Sacramento-Arden-Rovesville, Calif. (98)
14. Newark-Union, N.J.-Penn. (94.7)
15. Edison-New Brunswick, N.J. (94.7)
16. Providence-New Bedford-Fall River, R.I.-Mass. (93.6)
17. Oakland-Fremont-Hayward, Calif. (91.9)
18. Nassau-Suffolk, N.Y. (91.5)
19. New York-White Plains-Wayne N.Y.-N.J. (90.4)
20. San Jose-Sunnyvale-Santa Clara, Calif. (90)

Source: Inman News (08/19/2010)