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Capital housing outlook rises
Published 12:00 am PDT Wednesday, July 2, 2008
Story appeared in BUSINESS section, Page D1
Sacramento-area home values have an 82.2 percent chance of being lower two years from now, an improvement from previous rankings, Walnut Creek-based PMI Mortgage Insurance Co. reported Tuesday.
The insurer, releasing its latest quarterly survey of 50 U.S. metropolitan areas, ranked the Sacramento region 10th of 15 cities most likely to see declines. The metro area includes El Dorado, Placer, Sacramento and Yolo counties.
Ranked first was Riverside-San Bernardino-Ontario, with a 95.5 percent chance of lower prices two years from now. Others in the top five included Fort Lauderdale, West Palm Beach, Orlando and Las Vegas.
Sacramento, which has already seen steep declines in prices, is steadily moving down on the list. The region was ranked No. 1 for downward price risk in the January 2007 PMI survey.
Metro areas with the least risk of lower prices in two years were Fort Worth, Dallas, San Antonio and Houston, Texas, and Pittsburgh. Chances of lower values in all are less than 1 percent, according to PMI.
– Jim Wasserman
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