Weakest US Housing Markets
October 5th, 2007Matt Woolsey Oct. 5, Forbes.com
Forecasters predict that median home sales price drops with reach between 8%-9% in areas like hard-struck Detroit, Riverside California and Las Vegas according to data compiled by Moody’s Economy.com, a Westchester, P.A.-based research firm. Except for Detroit, many cities anticipating further declines were those that saw steep run-up in prices in the housing boom. There are now high foreclosures, and loss in many jobs that were related to home building.
Areas anticipated to decline the most include Detroit, Riverside, Las Vegas, Los Angeles, Sacramento, Phoenix, and Orlando, all with drops of 8% or more. Read more on the weakest markets…
