PMI Predicts Where Prices Are Likely to Fall
Mortgage insurer PMI Group predicts that home prices will fall through the first quarter of 2011 in about 30 of the country’s 50 largest metropolitan areas.
“The housing market has been hit by a demand shock of high unemployment and a supply shock of distressed foreclosure sales,” LaVaughn Henry, senior economist at PMI.
The areas PMI says have the highest probability of lower prices in 2011 are:
Miami
Fort Lauderdale
West Palm Beach, Fla.
Orlando
Tampa, Fla.
Jacksonville, Fla.
Riverside, Calif.
Los Angeles
Santa Ana, Calif.
Sacramento
San Diego
Las Vegas
Phoenix
Providence, R.I.
DetroitCities with the lowest probability of falling prices are:
Cleveland
Pittsburgh
Columbus, Ohio
San Antonio
Houston
Dallas
Fort Worth
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