Top Real Estate Markets Deflate
Weakened by the worst credit crisis in the nation’s history, the Top 25 Housing Predictor real estate markets in 2008 are showing signs of erosion. The once top rated market is beginning to run out of gas and has fallen from its #1 position and many of the other markets have changed.
Housing Predictor annually issues its Top 25 markets forecast the beginning of the year, and updates the forecast at midyear. But the update is being made earlier than usual this year as a result of a national housing market climate that has seen sales slow even more than forecasters expected. The ripple effect of tighter mortgage standards and increasing inventories of homes and condos on the market for sale are to blame.
Record high levels of foreclosures also account for drastic changes in many housing markets. Many markets have already deflated more than 50% in value from the boom’s peak. The Top 25 markets have the highest likelihood of hitting their forecast appreciation by year’s end, despite a growing belief that the economy is in recession and the majority of housing markets throughout the country are suffering from real estate depressions.
Housing Predictor forecasts more than 250 local housing market futures in all 50 U.S. states and provides independent unbiased analysis on market conditions. The top markets are scattered all over the U.S. Only four states have placed three markets on the list. Utah, Mississippi, Texas, New York, Oklahoma, Idaho and North Dakota placed markets on the leading list among other states.
Conservative North Dakota with one of the strongest statewide economies nationally, and the least subprime mortgage activity in the country, placed three cities on the list. However, neighboring South Dakota, damaged more substantially by the subprime mess failed to place any markets in the top.
Housing Predictor also provides breaking real estate news. Find your market forecast, search new listings and foreclosures at http://www.housingpredictor.com
Tags: foreclosure homes, foreclosure news, foreclosure report, Real Estate
