Everyone loves a top 10 list, but being a part of this one is not a mark of a city experiencing good financial times. Here’s a look at Fortune’s 10 Worst Real Estate Markets for 2009:
- Los Angeles, CA – Projected 24.9% drop in 2009
- Stockton, CA – Projected 24.7% drop in 2009
- Riverside, CA – Projected 23.3% drop in 2009
- Miami-Miami Beach, FL – Projected 22.8% drop in 2009
- Sacramento, CA – Projected 22.2% drop in 2009
- Santa Ana-Anaheim, CA – Projected 22.0% drop in 2009
- Fresno, CA – Projected 21.6% drop in 2009
- San Diego, CA – Projected 21.1% drop in 2009
- Bakersfield, CA – Projected 20.9% drop in 2009
- Washington, D.C. – Projected 19.9% drop in 2009
If these predictions are correct, we’re in for yet another really bad year to come. The brilliant minds running the government (sarcasm) better have some tricks up their sleeves because additional drops of this large a magnitude could be catastrophic!
BTW – Note that 8 of the top 10 worst are all in California . . . surprised?
Anyone got their own predictions?
Related posts:
- A Tale of Two Markets: A Look at the Sin City Real Estate Market
- Real Estate Investors: Should This Be Your Most Important Task of 2009?
- The 10 Least and Most Affordable US Housing Markets
- BusinessWeek’s 10 Healthiest Housing Markets
- BREAKING: Black Friday? International Leaders to Shut Down Global Markets?
Article Author: Joshua DorkinJoshua has written 568 articles for us.
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{ 8 comments… read them below or add one }
California is clearly the most worst state for the real estate market. I am quite happy that I did not buy property in California three years back!
Hey Robert – It is probably a good thing you didn’t end up buying in CA 3 years back. Did you buy anywhere else?
I believe Florida and California are hit hard because of the home values, but here in Chicago, we’re getting slapped pretty hard also, prices are plunging and it doesn’t look good at all for ’09!
Good blog post. I had heard about the top ten list Fortune put out. I am going to use this for a report tomorrow. Thanks.
I know that California has some trouble, but still this market can be profitable for those who search well houses in foreclosure. Numbers are bad for everybody
The California real estate market would be cooking right now if we had inventory to sell. What we have are a lot of frustrated buyers and little or nothing to sell them at the moment.
We need the bank to release the foreclosures to straighten out this mess.
Until that happens the numbers are all just screwed up.
Laurie -
Are you seeing your buyers getting financing for their purchases? I know of several people in SoCal who couldn’t sell their home for a LONG time due to financing issues on the buyer side.
Just curious . . .
Now its the end of 2010 and all the predictions were wrong; as usual. The drops were half as much as this and in some cases not at all. The drops were probably due, in part, to the hysteria predictions like this caused.