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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