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Foreclosure caused the 2009’s Poorest 10 in the Real Property Market

Here is the predicted bottom 10 of the best 100 housing markets for 2009:

1. Los Angeles
   Median house price was $375,340 in the Los Angeles-Long Beach-Glendale area. There is an expected further drop of 24.9 percent in 2009. It can still fall another 5.1 percent in 2010.
2. Stockton, California
   In 2008, the median home price is $248,050 with one case of foreclosure per 94 homes. Another 24.7 percent drop is expected in 2009 and a 4.0 percent fall in 2010.
3. Riverside, California
   San Bernardino and Ontario used to be one of the bestselling markets in early 2000. With $256,540 median price in 2008 and a great number of foreclosures, a -23.3 percent change is foreseen for 2009, and -4.8 for 2010.
4. Miami-Miami Beach
   With a 22 percent drop, landing median homes at $293,590, Miami must prepare for 2009’s expected fall by 22.8 percent and 2010’s 6.4 percent down.
5. Sacramento
   The rising unemployment and poor population growth worsen the already foreclosure-downed housing in Sacramento. Last year median of Sacramento homes were $225,140 but will fall 22.2 percent more, and 2.3 percent further in 2010.
6. Santa Ana–Anaheim, California
   The Orange County was one of priciest real-estates of 2008 with pricing at $532,810. But not in 2009’s 22 percent or $121,000 fall. In 2010 it is anticipated to fall 3.5 percent more.
7. Fresno, California
   It used to have a median home price of $257,170. 2009 is predicted for a -21.6 percent change and a -3.3 percent change in 2010.
8. San Diego
   The $412,490 median is expected to be down to $326,000 this 2009 with a 21.1 percent fall. It will further drop in 2010 by 2.9 percent.
9. Bakersfield, California
   Bakersfield is one of the highest foreclosure rates in 2008 with median home price of $227,270. Not in 2009 with a 20.9 percent fall before the expected 2.5 percent drop in 2010.
10. Washington D.C.
    Even with President-Elect Obama moving in Virginia, a 19.9 percent drop is still expected this 2009. From a $343,160 median, it will be down to $275,000 and will further fall in 2010 by 5.7 percent.

California’s high foreclosure rate made 8 of the 10 in our list from the west coast.

Related Posts:

• Southern California’s Median Home Price Falls 41 Percent Due to Foreclosures
• 2009: Another Bad Year for Real Estate due to Foreclosures
• Oakland Tackles Foreclosed Homes With Federal and State Money
• Foreclosed Home Auction Sales Still Up in Phoenix
• Maryland Foreclosure Homes Sales on a High