Weakest Housing Markets Will See Double-Digit Declines in 2008: Report

Key markets in Florida and California are expected to be among the nation’s weakest in 2008, with some areas absorbing 15 percent price drops over the next 12 months. California’s Inland Empire, including Riverside and San Bernardino, are expected to see 15 percent price declines, according to a report released Monday by risk management firm Veros Real Estate Solutions. Modesto, Calif. is expected to see a 15 percent price decline, according to the report, while the cities of Palm Bay, Melbourne and Titusville in Florida are expected to drop 14 percent. Rounding out the worst housing markets in the nation, Veros said that it expects both Cape Coral and Ft. Myers in Florida and Sacramento in California to register 13 and 12 percent price declines, respectively. The predicted five strongest markets are Wichita, Kansas, up four percent; Raleigh/Cary, North Carolina; Sioux Falls, South Dakota; Fargo, North Dakota; and Tulsa, Oklahoma, all up three percent. “The central part of the nation has thus far been largely unaffected by the rapid price appreciations that were seen in many other geographic areas,” the company said in a press statement. “Consequently, this region is moving forward without distress from the depreciation felt elsewhere and is experiencing minor growth.” For more information, visit http://www.veros.com.