Will home values decline even more in your city?
It doesn’t feel good when the value of your home dips. It’s a feeling, though, that many homeowners across the country have experienced during the country’s housing slump.
What if you could predict those areas of the country where housing prices will dip the most in the next two years? Well, even if you can’t, the folks at PMI Mortgage Insurance Company have given it a try.
The insurance company’s 2008 U.S. Market Risk Index ranks the nation’s 50 largest metropolitan areas according to the chance that their home prices will be lower in two years than they are now. You can read the report here.
Most of the metropolitan areas with the highest chances of price declines were scattered throughout California and Florida. The region with the highest risk of future price declines was Riverside-San Bernardino-Ontario, Calif., with a 95.5 percent chance. Fort Lauderdale-Pompano Beach- Deerfield Beach, Fla., came in second with a 92.2 percent chance.
The areas with the lowest risk of price declines are Fort Worth-Arlington, Texas; Dallas-Plano-Irving, Texas; and Pittsburgh. Each of these areas have a less than 1 percent chance of seeing declining home prices in the next two years.
