California Owns 8 of 10 Worst Real Estate Markets

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    NEWSLETTERS

    TK
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    It takes banks months to repossess and sell homes after owners stop making mortgage payments.

    10 Worst Real Estate Markets for 2009

    The housing market hasn't bottomed out yet. For the third quarter, the closely-watched S&P Case-Shiller national home-price index fell 16.6%, and experts are predicting further declines. Of the top 100 markets, here are 10 with the worst forecasts.



    1. Los Angeles

    2008 median house price:
    $375,340

    2009 projected change:
    -24.9%

    2010 projected change:
    -5.1%

    The median home price in the L.A.-Long Beach-Glendale metro area is projected to fall nearly 25% in 2009 - the biggest drop in the country.



    2. Stockton, Calif.

    2008 median house price: $248,050

    2009 projected change:
    -24.7%

    2010 projected change:
    -4.0%



    3. Riverside, Calif.

    2008 median house price:
    $256,540

    2009 projected change:
    -23.3%

    2010 projected change:
    -4.8%



    4. Miami-Miami Beach

    2008 median house price: $293,590

    2009 projected change:
    -22.8%

    2010 projected change:
    -6.4%

    Miami will be nursing the hangover from its epic building boom for years to come. After falling 22% in 2008, prices are predicted to plunge another 23% next year.



    5. Sacramento

    2008 median house price:
    $225,140

    2009 projected change:
    -22.2%

    2010 projected change:
    2.3%



    6. Santa Ana-Anaheim

    2008 median house price: $532,810

    2009 projected change:
    -22.0%

    2010 projected change:
    -3.5%



    7. Fresno

    2008 median house price:
    $257,170

    2009 projected change:
    -21.6%

    2010 projected change:
    -3.3%

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    8. San Diego

    2008 median house price: $412,490

    2009 projected change:
    -21.1%

    2010 projected change:
    -2.9%



    9. Bakersfield, Calif.

    2008 median house price:
    $227,270

    2009 projected change:
    -20.9%

    2010 projected change:
    -2.5%



    10. Washington, D.C.

    2008 median house price: $343,160

    2009 projected change:
    -19.9%

    2010 projected change:
    -5.7%