10 Markets set for steepest loss
This article was just posted by CNN yesterday. As you can see, our market (or surrounding areas for that matter) is not mentioned in anyway. We are fortunate to have the employment in this area to support the house values. Although real estate is extremely regional in nature, if you watch the news you would believe these type of estimates are forecast for the entire country. These are mainly vacation destinations that saw prices run up due to wide spread speculation (similar to the price of oil today and the .com bust of a few years back).
However our market is much more insulated and fundamentally sound as the job growth in the Washington D.C. area is continuing better than almost any other place in the country. Even in the worst housing markets in the USA, you can see a dramatic forecast difference from top to bottom. I firmly believe we are nearing the 7th inning stretch if we compare the overall market to a baseball game. At this time, there are still some great bargains to be had but the increased activity has begun to see this real deals get snatched up quicker and quicker in our region and I expect that to continue.
10 Markets set for steepest loss
CNN MONEY.COM 6/30/08
Miami, Fla. 12-month forecast: -24.9%
However our market is much more insulated and fundamentally sound as the job growth in the Washington D.C. area is continuing better than almost any other place in the country. Even in the worst housing markets in the USA, you can see a dramatic forecast difference from top to bottom. I firmly believe we are nearing the 7th inning stretch if we compare the overall market to a baseball game. At this time, there are still some great bargains to be had but the increased activity has begun to see this real deals get snatched up quicker and quicker in our region and I expect that to continue.
10 Markets set for steepest loss
CNN MONEY.COM 6/30/08
Miami, Fla. 12-month forecast: -24.9%
Fort Lauderdale
, Fla. 12-month forecast: -22.2%Orlando
, Fla. 12-month forecast: -21%Phoenix
, Arizona 12-month forecast: -18.3%Las Vegas
, Nevada 12-month forecast: -18.3%West Palm Beach
, Fla. 12-month forecast: -17.6%Tampa,
Fla. 12-month forecast: -17.1%Riverside
, Calif. 12-month forecast: -16.9%Tucson
, Arizona 12-month forecast: -16.9%Stockton
, Calif. 12-month forecast: -16.8%Good news is there may be a bottom in 2009-2010
Posted by
at
17:14:20
