Worst 25 Home Markets Show Stabilization

The Worst 25 home markets in America are an indication that many markets throughout the nation are beginning to show signs of stabilizing, despite the nation’s near record increase in foreclosures due to the subprime loan crisis at the mid-way point of 2007, according to the latest Housing Predictor assessment.

Housing Predictor forecasts more than 250 local housing markets in all 50 U.S. states and annually forecasts the Top 25 housing markets and the Worst 25 markets in the nation, and then reassesses both lists at mid-year.

Still just 13 states local housing markets are among the Worst 25 markets, the same number of states as when the forecast was first issued the beginning of the year, indicating a growing trend that many home markets throughout the nation are beginning to stabilize after record years of appreciation in many states.

The Worst 25 home markets have changed little since the beginning of the year with few exceptions. San Diego, California, which was selected in January to be the second worst market in the country has slipped to third behind Los Angeles, which has more foreclosures from subprime fallout to deal with as a result of its boom in population.

Due to a market that has had what is now the greatest over building of condominium units in the nation’s history and its resulting slow down Miami, Florida remains at the top of the Worst 25 market list. More than 15,000 condominium reservations have been canceled or withdrawn in the last 18 months and the market continues to depreciate at an accelerated speed, which will last well into 2008.

The Miami market is the epicenter of the nation’s housing slow down, but not all Florida markets are suffering from such over building woes. Florida real estate markets in some areas are beginning to show strong signs of stabilizing.

Las Vegas has taken a hit from its rapidly flying appreciation and now more than 40% of the inventory of homes for sale on the market are vacant, awaiting new owners, many of whom will buy their dream home at a discount at foreclosure prices. Sin City has moved up to fourth on the Worst 25 list.

Michigan is experiencing an all out housing recession due to job losses in the hard hit U.S. auto industry, and many in the Great Lakes region are even leaving the keys on the counter of their homes as they exit the state for greener pastures. Detroit has more foreclosures per-capita than anywhere else in the nation. The motor city is now in the top five worst markets.

To see the Worst 25 markets or the Top 25 markets and check on your markets forecast visit http://www.housingpredictor.com