Sacramento one of 15 Real Estate Markets With 99.9% Risk Decline Through 2011
Mortgage Insurer PMI Group said in its quarterly Economic and Real Estate
Trends (ERET) report (see US Market Risk Index
) that the Sacramento—Arden-Arcade—Roseville CA real estate market has a 99.9% chance of lower home prices through March 31, 2011.
The 15 Real Estate Markets
with the highest probability of lower prices in 2011 each have a 99 percent chance, PMI said. They include Miami
, Fort Lauderdale, West Palm Beach, Orlando, Tampa and Jacksonville in Florida; Riverside, Los Angeles, Santa Ana, Sacramento and San Diego in California; Las Vegas; Phoenix; Providence, Rhode Island; and Detroit.
“The housing market has been hit by a demand shock of high unemployment and a supply shock of distressed foreclosure sales,” LaVaughn Henry, senior economist at PMI, the fourth- largest U.S. mortgage insurer, said in an interview.