Real estate forecasting service Local Market Monitor, which predicts housing market trends for investors and banks, forecasts that housing prices will decline an average of 5 percent through 2010. This prediction includes double-digit decreases in Phoenix, Miami, and Las Vegas.
But then the worst could be over, says CEO Ingo Winzer. As the recession eases, We'll see good price increases in many markets, he reports.
In the following markets, home values are expected to remain level this year but increase in value next year:
- Baton Rouge, La.
- Buffalo-Niagara Falls, N.Y.
- Dallas-Plano-Irving, Texas
- Fort Worth-Arlington, Texas
- Houston-Sugar Land-Baytown, Texas
- Little Rock-North Little Rock-Conway, Ark.
- Omaha-Council Bluffs, Neb.-Iowa
- Pittsburgh, Pa.
- San Antonio, Texas
- Syracuse, N.Y.
Here are the 10 largest markets where prices are expected to continue to decline through 2010:
- Fresno, Calif.
- Las Vegas-Paradise, Nev.
- Miami-Miami Beach-Kendall, Fla.
- Orlando-Kissimmee, Fla.
- Phoenix-Mesa-Scottsdale, Ariz.
- Portland-Vancouver-Beaverton, Ore.-Wash.
- San Jose-Sunnyvale-Santa Clara, Calif.
- Stockton, Calif.
- Tacoma, Wash.
- Tucson, Ariz.
Source: Local Market Monitor (09/09/2009)