As the nation’s housing sector continues to make strides on the long road to recovery, 16 US states are represented on the 25 worst performing housing markets for 2010 list. The list is headed by Manhattan and Las Vegas who are each facing loses over 15% in the new year. See the following article from Housing Predictor for more on this.
Worst cities real estate Nearly all of the Worst 25 Forecast housing markets in 2010 are projected to sustain double-digit deflation for the year. A broad range of the country’s markets compose the worst 25 with a total of 16 states represented, which shows just how broadly the housing crisis is impacting the U.S.
Rising foreclosures and more bank-assisted short sales will send housing prices lower in the majority of the country in 2010. But there are markets that are on the mend moving into recoveries. Some 44 cities are forecast to appreciate during the year, more than in the last four years.
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Economic volatility, declining prices and restrained mortgage financing will hinder many of the worst markets from recovering in 2010. But nearly all of the nation’s markets will move on a path towards stabilization as the surplus inventory of homes is bought up by buyers.
Worst 25 Housing Markets 2010
|Rank||Real Estate Market||2010 Forecast|
|1.||Manhattan, NY||− 17.2%|
|2.||Las Vegas, NV||− 15.4%|
|3.||Providence, RI||− 13.8%|
|4.||Miami , FL||− 13.8%|
|5.||Newport, RI||− 13.6%|
|6.||Henderson, NV||− 13.5%|
|7.||Greenwich, CT||− 13.4%|
|8.||Scottsdale, AZ||− 12.4%|
|9.||Columbia, SC||− 12.2%|
|10.||Charleston, SC||− 12.1%|
|11.||Salem, OR||− 11.8%|
|12.||Prince George’s, MD||− 11.6%|
|13.||Phoenix, AZ||− 11.3%|
|14.||Brooklyn & Queens, NY||− 11.2%|
|15.||Myrtle Beach, SC||− 11.2%|
|16.||Ogden UT||− 10.9%|
|17.||Bethesda, MY||− 10.8%|
|18.||Richmond, VA||− 10.8%|
|19.||Portland, OR||− 10.4%|
|20.||Palm Beach, FL||− 10.4%|
|21.||Maui, HI||− 10.3%|
|22.||Stamford, CT||− 10.2%|
|23.||Chicago, IL||− 10.2%|
|24.||Fresno, CA||− 9.8%|
|25.||Oakland, CA||− 9.6%|
* The Worst 25 Markets are composed of cities that have the highest probability of reaching their forecast deflation in 2010 from the more than 250 local markets Housing Predictor forecasts.
This article has been republished from Housing Predictor. You can also view this article at Housing Predictor, a real estate analysis and forecasting site.