04 Jul 08 More Good News for Dallas-Fort Worth Home Owners
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According to a recent report by PMI Group, detailed by Steve Brown of the Dallas Morning News, home prices are unlikely to see a decrease in value over the next two years. PMI – a mortgage insurance company – ranked Dallas-Fort Worth as the lowest risk for declining home prices, out of all fifty states.
PMI’s risk factor report shows a close correlation between the markets that have seen the highest increase in home prices in recent years with the highest level of probability that the same markets will see the greatest decrease in home prices in the following years.
“Given the magnitude of the inventory overhang, we expect national home price declines to continue into at least 2009,” said PMI chief economist David Berson.
Berson also suggested that although Dallas-Fort Worth home prices should be encouraging, it doesn’t mean the area won’t experience short-term declines in value.
Four out of five cities that ranked on PMI’s report as having the lowest levels of risk, associated with home price declines, are located in Texas. The five worst cities include Riverside, California; Fort Lauderdale, Florida; West Palm Beach, Florida; Orlando, Florida; and Las Vegas, Nevada.
Click on the link to read the PMI US Market Risk Index.
Tags: California, dallas fort worth real estate, dallas morning news, dallas-fort worth, david berson, dfw, dfw home prices, florida, fort lauderdale, las vegas, orlando, pmi group, pmi us market risk index, riverside, steve brown, west palm beach
In my opinion the PMI report is a wishful report with little relevance to the present situation of falling property prices.
There is a need for the government to look at basics and take immediate measures to halt the slowing down of the property business and the economy as a whole.
Great Blog! I have been selling real estate in Bend Oregon since 1981 and find it refreshing to find a helpful blog like yours! Keep up the good work!
We are proud to point out that Pittsburgh is the other city on PMI’s report that was ranked as having the lowest level of risk with respect to home price declines. As you mentioned the other 4 are in Texas. We’re certainly in good company!
Glad to hear that there is some good news in the housing market. It’s been rough as of late.
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