Found this article on Housing Predictor.
The good news is that falling home prices don’t historically keep dropping for a number of years very often. The fall out from the credit crisis is affecting real estate values from coast to coast. There’s no shortage of markets throughout the country that will sustain double-digit declines in housing vales in 2009 as the credit crisis widens to include many more areas of the U.S.
Hard hit by auto industry lay-offs, Detroit leads the Housing Predictor Forecast Worst 25 Market list for the year followed by Southern California’s Inland Empire, which includes Riverside and San Bernardino counties. The epidemic of foreclosures is projected to continue to impact the areas harshly through 2009.
Nearly two years ago, Housing Predictor forecast that home values would average total deflation from 50 to 70% depending on what markets. Especially hard hit metropolitan markets and areas close to major urban areas will sustain the worst deflation.
The Central Valley of California is experiencing huge drops in home values, which places third on the list with Stockton followed by Greater Los Angeles and Miami. The surplus of condos for sale on the market will put a drag on Miami through at least 2010. In all, nine California markets were named to the list, more than any other state.
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|---|---|---|---|---|---|
| Rank | Real Estate Market | 2009 Forecast | |||
| 1. | Detroit, MI | - 24.3% | |||
| 2. | Riverside, CA | - 23.9% | |||
| 3. | Stockton, CA | - 23.8% | |||
| 4. | Los Angeles, CA | - 21.7% | |||
| 5. | Miami , FL | - 21.4% | |||
| 6. | Anaheim, CA | - 21.1% | |||
| 7. | Las Vegas , NV | - 19.8% | |||
| 8. | Fresno, CA | - 19.7% | |||
| 9. | Phoenix, AZ | - 19.6% | |||
| 10. | San Diego, CA | - 19.5% | |||
| 11. | Manhattan, NY | - 19.4% | |||
| 12. | San Jose, CA | - 19.2% | |||
| 13. | Oakland, CA | - 18.2% | |||
| 14. | Reno, NV | - 17.9% | |||
| 15. | San Francisco, CA | - 17.6% | |||
| 16. | Bakersfield, CA | - 17.2% | |||
| 17. | Lansing, MI | - 16.5% | |||
| 18. | Grand Rapids, MI | - 15.2% | |||
| 19. | Honolulu, HI | - 15.1% | |||
| 20. | Boston, MA | - 15.1% | |||
| 21. | Scottsdale, AZ | - 14.9% | |||
| 22. | Richmond, VA | - 14.8% | |||
| 23. | Long Island, NY | - 14.8% | |||
| 24. | Bend, OR | - 14.6% | |||
| 25. | Seattle, WA | - 14.2% | |||
