The forecast for 2009 is out and it’s looking good if you have about $300K to throw at a home. The housing prices in Los Angeles County are expected to drop 25% in 2009.
10 worst real-estate markets for 2009
The housing market hasn’t bottomed out yet. For the third quarter, the closely-watched S&P Case-Shiller national home-price index fell 16.6%, and experts are predicting further declines. Of the top 100 markets, here are 10 with the worst forecasts.
So now is the time to get your ducks in order. Find a loan (the interest rate on a 30yr fixed is very low and could drop even lower), find a home, and wait for it to fall to the price you want to pay.
This is according to Fortune Magazine. But let’s say you are not interested in Los Angeles but you still want to live in California, no problem. 8 of the 10 worst real estate markets for 2009 are in California. Here is the full list:
- Los Angeles, CA
- Stockton, CA
- Riverside, CA
- Miami-Miami Beach, FL
- Sacramento, CA
- Santa Ana-Anaheim, CA
- Fresno, CA
- San Diego, CA
- Bakersfield, CA
- Washington, D.C.
Here are some stats for the Los Angese, CA Market:
2008 median house price: $375,340
2009 projected change: -24.9% (taking the median house price to $281,800)
2010 projected change: -5.1% (taking the median house price to $267,428)
Personally, I am looking to buy myself a downtown loft or West Side Condo in 2009. If only I could find a good Realtor.
i have a great one if you want. let me know.
Good luck with the loft downtown. Most of them have stopped selling and are now looking to lease to try to recoupe their loses. (which sucks for those of us that were waiting for this exact moment to buy them!)