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Falling Prices Forecast to Accelerate

Hurting California real estate markets dominate the Worst 25 Housing Market forecast in 2008. But as the pain worsens in many markets throughout the country Las Vegas, Nevada replaces Miami, Florida forecast to be the worst deflating housing market in the nation in 2008.

Las Vegas became an investor’s haven during the real estate boom as the capital of free-wheeling loose lending with an over supply of investors. But it is developing into what may be the worst crash in U.S. real estate history.

Miami is dominated by a condominium market that has gone from an all-time boom to a record breaking bust, amid foreclosures on nearly every street. Record foreclosures have been triggered by the banks and mortgage companies tightening the money supply. The majority of markets on the Worst 25 are experiencing rapidly spiraling rates of deflation.

Weakened by job losses in the auto business Detroit, Michigan placed third, followed by Phoenix, Arizona, which had the second highest rate of subprime mortgages and the highest number of new creative conventional adjustable rate mortgages behind Las Vegas.

Phoenix is experiencing a worse crash in its market than during the U.S. Savings and Loan Fraud Crisis, placing fourth. Riverside, California in the seat of the Inland Empire, takes the fifth position on the list.

The Worst 25 are composed of cities that have the highest probability of reaching their forecast deflation in 2008 from more than 250 local housing markets Housing Predictor forecasts.

Top 25 US Appreciating Real Estate Markets
 Rank    Real Estate Market   2008 Forecast
    1.    Las Vegas, NV     − 18.9%
    2.    Miami, FL     − 18.1%
    3.    Detroit, MI     − 16.7%
    4.    Phoenix, AZ     − 15.8%
    5.    Riverside, CA     − 15.5%
    6.    San Diego, CA     − 15.1%
    7.    Sacramento, CA     − 14.5%
    8.    Naples, FL     − 13.9%
    9.    Anaheim , CA     − 13.7%
   10.    Los Angeles, CA     − 13.5%
   11.    Palm Beach, FL     − 12.4%
   12.    Atlanta, GA     − 12.3%
   13.    Boston, MA     − 11.7%
   14.    Fresno, CA     − 11.5%
   15.    Indianapolis , IN     − 10.7%
   16.    Dewey Beach, DE     − 10.7%
   17.    Cambridge, MA     − 10.3%
   18.    Reno, NV     − 10.2%
   19.    Fort Lauderdale, FL     − 10.1%
   20.    Lawrence, MA     −   9.5%
   21.    San Jose, CA     −   9.1%
   22.    Bakersfield, CA     −   9.1%
   23.    Portland, OR     −   8.9%
   24.    Grand Rapids, MI     −   8.9%
   25.    Cleveland, OH     −   8.7%

We Got it Right
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• The National Housing Recession
• The Fed's Interest Rate Cuts
• The Foreclosure Epidemic


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