California Owns 8 of 10 Worst Real Estate Markets
Updated 8:06 AM PST, Mon, Dec 29, 2008
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.
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%
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%
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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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%
Copyright Associated Press
First Published: Dec 27, 2008 9:53 AM PST
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