I happened by this article on CNN.com. It gives a list of geographic locations across the country that will experience a decline in the RE market by probability. Please note this is the probability that the area will show a decline and not the forecasted decline rate. Just an aside ... I'm kind of surprised they labeled my area (Austin-Round Rock, TX) as high as they did (11.6%). I figured we've already seen enough of a decline over the last few years. Here are some hilites:
Boston-Quincy, MA: 55.3%
San Diego-Carlsbad-San Marcos, CA: 52.8%
Fort Lauderdale-Pompano Beach, Deerfield Beach, FL: 21.9%
Washington-Arlington-Alexandria, DC-MD-VA-WV: 20.9%
Denver-Aurora, CO: 16.9%
Phoenix-Mesa-Scottsdale, AZ: 9.2%
National average: 21.3%
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2 comments:
Heck, no! There's no doom and gloom in RE--for investors who didn't buy at or near the crest of their local bubbles, that is. From the investor's point of view, there NEEDS to be a correction in prices in areas such as NYC or LA.
Very interesting article. Thanks!
Exactly! to you both. I get a kick out of articles like this and the perceived after-effects. For most, it comes across as "more doom-n-gloom" - that is, RE is a speculative investment (oxymoron?). Truth is, if you buy right, your investment should weather any storm. I just hate to be the people holding the bags in California when the arrow starts heading south. That whole state is nothing but a hotbed of speculators. As an aside ... I even heard one person say they bought and renovated a property there, sold it for a huge profit to another "investor", who then sold it a short while later to the first "investor" for a profit, who then sold it again for a profit. Crazy.
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