Sacramento, Stockton to Remain in the Housing Freezer
From the Sacramento Business Journal:
Fortune: Forecasts for 100 real estate marketsThe Sacramento area housing market will remain one of the coldest in the country next year according to a ranking of the top 100 real estate markets released Thursday. But Stockton will fare even worse.
The Fortune rankings were done by Moody's Economy.com and Fiserv Lending Solutions, a consultant to the banking industry. Sacramento ranked 85th, with the median sales price expected to decline by 3.4 percent.
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Coming in at 100th -- dead last -- on the list is Stockton, where home prices are expected to fall 7.1 percent next year.
4 comments:
I think we talked about this already, but if Stockton is to be dead last in 2007 with the worst drops, how could -7.1% be the extent of it? We've seen worse drops than that in many different places in the first half a year since declines started.
Those predictions may (correct me if I'm wrong) be based on OFHEO's House Price Index (HPI), which lags behind all the other indicators. In the 3rd Quarter, HPI was still positive yoy for Sacramento (although that should change in the 4th Q).
Lander, Where do you come up with all these fine photos. You must have a big photo bank ........or perhaps just an old refrigerator...
I think prices will drop much more than 7%.
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