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The PMI Group rates 50 metro area’s for their risk of further housing price declines.   Their recent ratings found that the following 13 area’s have greater than a 90 percent chance of seeing further price erosion.

What does this mean for seller’s who need to sell?   If you live in one of the named locations, you should seriously consider reducing your price, before the market does it for you. 

In addition to a meaningful price reduction, seller’s in these cities need to get serious about their marketing efforts.  The single best use of your advertising dollars is to place your property on the MLS.   The MLS is ‘the’ database of available properties in this country.   If your home isn’t listed on the MLS, your property is essentially invisable to millions of home shoppers and thousands of real estate agents.

                         13 Scary Markets that Have Further to Fall

1. Ft Lauderdale-Pompano Beach-Deerfield Beach, FL
2. Riverside-San Bernardino, CA
3. Orlando-Kissimmee, FL
4. Miami-Miami Beach, FL
5. Tampa-St. Petersburg-Clearwater, FL
6. Las Vegas, NV
7. Los Angeles-Long Beach-Glendale, CA
8. Santa Ana-Anaheim-Irvine, CA
9. Jacksonville, FL
10. Phoenix-Mesa-Scottsdale, AZ
11. Sacramento-Arden-Arcade-Roseville, CA
12. San Diego-Carlsbad-San Marcos, CA
13. Oakland-Fremont-Hayward, CA

Note:  The PMI Risk Report examines major changes in mortgage and lending trends, as well as the rising unemployment and the impact of foreclosures to predict home prices for 50 major metropolitian area’s of the US.   To see the strongest markets, with the least risk of further price decline, please see our blog posting from October 9, 2008.

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With news of the financial crisis and the possible federal bailout of US lenders looming over our heads, it comes as no big surprise that August existing home sales were dismal.

In brief, the numbers provided by the National Association are as follows:

• Existing home sales were down another 2.2 percent in August, bringing the drop to 9.7 percent compared to 2007 levels.
• The average sales price of an existing home fell to $203,100 compared to $224,400 one year ago.
• The inventory of existing homes on the market fell in August to a 10.4 month supply.   A slight uptrend from the 10.9 month supply on the market in July.

Falling inventory levels are a bit of good news among all the bad news.   But keep in mind that the slight dip in inventory is not due solely to a growing number of sales.  Cancelations, listing expirations and owners who chose to withdraw their property from the market until activity picks up, also decrease the total number of homes on the market.

The current 10.4 month supply means we are still in a buyers market.   An inventory of 5-6 months is usually a sign of a balanced market, with an equal number of buyers and sellers.

To read the report from the National Association of Realtors, click the link.

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