The Worst 25 Housing Market Forecast in 2007 by Housing Predictor includes housing markets in just 13 states, which is the same number of states represented in the original forecast in January. California’s markets placed more on the list than any other state. This should be a major consideration for any mortgage company looking to purchase live mortgage leads or exclusive mortgage leads.
However, the Worst Housing Market in the nation selected is Miami, Florida, which is forecast to fall an average of 12.7% in 2007. More than 15,000 pre-construction condominium reservations have already been cancelled or withdrawn adding to the glut of inventory for sale. The Miami market is in the early phase of a full blown housing recession. As a mortgage company being aware of which markets are appreciating and which are depreciation should be a major consideration when buying exclusive mortgage leads obviously markets where values are rising are going to offer a high close ratio then in markets where values are dropping.
Florida is second to California placing four markets on the list. However, Florida, which slid into its slowdown earlier than many other states is beginning to pull out of its slump in some markets.
Los Angeles, California claims the second position on the Worst 25 list followed by San Diego and Las Vegas, Nevada.
The Worst 25 Markets are composed of mainly urban areas, including their outer lying communities, which are the most dense concentrations of the nation’s population with the highest number of homes.
 | |||||
|---|---|---|---|---|---|
| Rank | Real Estate Market | Median Price | 2007 Forecast | ||
| 1. | Miami, FL | $348,000 | − 12.7% | ||
| 2. | Los Angeles, CA | $469,000 | − 11.1% | ||
| 3. | San Diego, CA | $569,000 | − 10.9% | ||
| 4. | Las Vegas, NV | $269,000 | − 10.4% | ||
| 5. | Detroit, MI | $131,000 | − 9.7% | ||
| 6. | Boston, MA | $424,000 | − 9.5% | ||
| 7. | Nassau, NY | $448,000 | − 9.4% | ||
| 8. | Denver, CO | $231,000 | − 9.3% | ||
| 9. | Sacramento, CA | $325,000 | − 9.0% | ||
| 10. | Oakland, CA | $681,000 | − 8.9% | ||
| 11. | San Francisco, CA | $694,000 | − 8.9% | ||
| 12. | Cambridge, MA | $407,000 | − 8.8% | ||
| 13. | Providence, RI | $269,000 | − 8.7% | ||
| 14. | San Jose, CA | $680,000 | − 8.7% | ||
| 15. | Phoenix, AZ | $285,000 | − 8.6% | ||
| 16. | Edison, NJ | $369,000 | − 8.3% | ||
| 17. | Alexandria, VA | $726,000 | − 8.1% | ||
| 18. | Reno, NV | $274,000 | − 7.1% | ||
| 19. | Fort Lauderdale, FL | $324,000 | − 6.9% | ||
| 20. | Indianapolis, IN | $119,000 | − 6.9% | ||
| 21. | Baltimore, MD | $249,000 | − 6.8% | ||
| 22. | Tampa, FL | $221,000 | − 6.7% | ||
| 23. | Fresno, CA | $237,000 | − 6.3% | ||
| 24. | Orlando, FL | $245,000 | − 6.2% | ||
| 25. | Grand Rapids, MI | $151,000 | − 6.1% | ||
3 comments:
If you can't sell it, can't buy it then rent you home. I have been renting my homes since I left Tulsa in the 80's. We started the website www.ForRentByowner.com to post your homes for rent. It is free.
Don't sell your home. People always need a place to live so rent it out and let the tenant pay the mortgage. You still get the interest and depreciation write offs.
Anyone that is having trouble selling needs to post their property on a rental advertising site like www.ForRentByOwner.com. Can't sell? Can't buy? Rent it! I have been renting home every since I left Tulsa in 1980 after the oil bust. It works.
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