The PMI Group just released its Fall 2008 Real Estate Market Risk Index for the nation’s 50 largest metropolitan area’s.   The PMI Risk Index indicated that increased foreclosures and unemployment have significantly heightened the risk of future home price declines in the 94 percent of all markets.

The good news, found in the report, is that 14 markets have less than a one percent chance of continued falling home prices.  In these markets, buyer’s should be cautioned that if they wait to buy, they will likely face higher home costs in the future.

If you are interested in buying a home in one of these 14 markets, indications are that prices have stablizied and you should seriously consider buying now.  An added bonus for buyer’s in these lucky markets is also the timing.  Yesterday’s half point Fed rate cut makes the costs of borrowing money for that dream home much less painful.

           14 Low Risk Markets with Stable Home Prices:

1. Fort Worth-Arlington, TX
2. Dallas-Plano-Irving, TX
3. Houston-Sugar Land-Baytown, TX
4. Pittsburgh, PA
5. San Antonio, TX
6. Memphis, TN
7. Indianapolis-Carmel, IN
8. Austin-Round Rock, TX
9. Columbus, OH
10. Denver-Aurora, CO
11. Cincinnati-Middleton, OH, KY, IN
12. Charlotte-Gastonia-Concord, NC
13. Milwaukee-Waukesha-West Allis, WI
14. St. Louis, MO, IL

Sidelined Buyers in these markets should act immediately to take full advantage of low interest rates and reduced home prices. Sellers in these markets should aggressively market their homes and take advantage of the exposure an MLS listing can provide.

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