10 Worst Real Estate Markets for 2009. Fortune Magazine.

bltserv_IHB

bltserv_IHB

New member
We made the top 10. OC is number 6.



Now remember this is MAIN STREAM media. Usually not as bearish as we tend to be here.



Of the 100 biggest markets, this Orange County area, which includes Anaheim and Irvine, was the fifth most expensive place to live this year. But in 2009, prices are forecast to decline by $121,000.



2008 median house price: $532,810

2009 projected change: -22.0%

2010 projected change: -3.5%



Just makes you want to rush out and buy a home. Heck its only going to go down 25%

in the next 2 years. Whats so bad about losing $ 121,000.00 ? Just call Uncle Sam for some Bailout Cash.........



<a href="http://money.cnn.com/galleries/2008/fortune/0812/gallery.worst_markets.fortune/6.html">http://money.cnn.com/galleries/2008/fortune/0812/gallery.worst_markets.fortune/6.html</a>
 
hey, the central valley has 4 of the top 10. and that's after getting hammered for the past two years. they deserve the award!
 
Yea the central valley got killed, as it should. Surprised IE isn't higher, or Stockton. I say SoCal gets hit another 30% in '09...22% is a tad bit optimistic.
 
[quote author="jhammons01" date=1230258759]Understand, I am renting my old house.....it is a ~1500 sqFt Condo 3b 3b attached Garage. They are still selling for ~$500k



A starter home for half a million Dollars......how do you maintain that sort of first time buyer?? I mean, how do you get starter buyers at ~$500K?? No one else can move up when the bottom buyers can't buy.



~$500K would be $3000 per month just for mortgage....then there is all the other cost. How do you start out paying ~$4K per month for a Condo??? Not many would step up to that.......The market has to correct.....these should not be more than $300k at the most. Hell there is a $250 per month HOA.</blockquote>


I agree 100%



It's a basic equation, if incomes can't support the purchase price, no amount of creative financing is going to make up for that.



Even a family making 100K, that traditionally leaves them being able to buy a 300K house MAX.
 
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