From CNN/Money, a forecast for the top 100 housing markets in the US for 2007. It should be no surprise to see that 2 of the top 10 forecasted declines are here in the Sunshine State.
'This time last year the big question was whether the real estate market was going to slow down. Today it's "How bad will it get?"
The numbers tell a confusing story. For existing homes, buyers are trickling back into the market - sales inched upward in October even as the median home price fell by 3.5 percent, the largest year-over-year drop on record. And that comes after price declines in August and September.'
And new homes....?
'On the new-home front, sales in October fell, but the median price crept upward. For homebuilders, cancellations are up and orders down. '
Mark Zandi, from Economy.com, says it best.
'"It's possible that the broader housing market will firm in the next few months, that the worst is over," says Mark Zandi, chief economist at Moody's Economy.com. "But that to me is a dead-cat bounce." In a word, yikes.
So Fortune asked Zandi's group and real estate valuation company Fiserv Lending Solutions to give us their take on what lies ahead for housing in the country's 100 largest metropolitan areas. '
Full Article (with forecasts for all 100 markets)