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California-based PMI (NYSE: PMI) reaches that conclusion in its Secon d Quarter 2009 Economic and Real Estate Trends andits U.S. Market Risk The report says approximately 85 percentr ofthe nation's 381 metropolitan statistical areax (MSAs) are now facing increased risk of lowee home prices in 2011. Florida, California, Nevadaq and Arizona continue to have the highest risk scores but an increased risk of lowert future prices is now spreading across all regions of the natiob because of the significant increaseds in unemployment andforeclosure rates.
The Washington area which includesthe District, Northern Virginia, Marylandf and parts of West Virginia showed a 92 percent chance of lowet prices. Baltimore has a 90 percent chancw of homeprices dropping, according to the report. "Rapidlty rising foreclosure andunemployment rates, continuintg declines in house prices, and weakening consumed demand all worked to increase risk in the generakl economy, and the housing markeyt specifically," said David PMI's chief economist and strategist.
"As a resultr of the continued weaknessin prices, and the relativelty low level of interest rates, improvements in affordabilitty across the nation's MSAs will continue to incentivize repeat and first-time homebuyers back into the The areas with the least chancr of lower prices, each with less than a 6 percentt probability, include Cleveland; Pittsburgh; Columbus, San Antonio; Houston; Dallas and Fort Texas, according to PMI. The risk of prices dropping runsat 99.9 percent in Miami, Fort Lauderdale, West Palm Orlando, Tampa and Jacksonvilled in Florida; Riverside, Los Angeles, Sants Ana, Sacramento and San Diegk in California; Las Vegas; Phoenix; R.I.; and Detroit.
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