PMI Mortgage Insurance Company, has a report out on the largest Metropolitan Areas and the expected decline in home prices the next two years.
PMI Mortgage Insurance is one of the largest Insurance Companies in the nation for insuring mortgages like FHA and VA loans.
The fall report is for the second quarter statics in 2008. It is based on the Office of the Federal Housing Enterprise Oversight (OFHEO)
You can read the entire PMI Mortgage Report here.
You can read just the Metropolitan AREA Report here.
According to this Ann Arbor is low risk for continual falling prices. That puts a smile on my face and we can only hope. I think that may be because Metro Detroit and Ann Arbor in particularly have been leading the nation and maybe we have already bottomed out.
Check out your area and see what the static’s show for your city, you can leave it in your comments below.
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Prince William County Virginia is probably one of the worst in the mid-Atlantic. In August our sales prices were 38% lower than the same period 2007 - way over half of our listings are short sales or foreclosures. Art
Missy,
I read the entire report and found it very interesting. It is bad news for California, but does that surprise anyone? Our prices got out of control.
Fran
Missy--This is interesting...Mpls/St Paul seems to be low risk rather than minimal. Not good but looks like things could be worse.
Indianapolis looks good as well. I had to read the full report to understand the "affordability index" but ours is 142 which is the 2nd highest on our page and only .44 below the 1st highest. So, we continue to have affordable houses in the Indy area. That's a bit of good news in an otherwise gloomy weekend!
Art, you aren't kidding about Prince William, I had a referral for that area of the country and could not believe how much foreclosure is there, hang in there...it's gotta get better soon.
Thanks for a great resource Missy!!
Missy,
Interesting and good to see we are in a low risk category but from what I see, we still have a way to go.
Thanks for the report I see Grand Rapids is rated as minimal also nice to see some good news.
Denver is not at risk. We've been hearing lots of good news on the home sale front of late. We believe we hit "bottom" last April/May. :) Of course we won't know that until next year.
kk
Missy,
Thanks for the wonderful information glad to here Ann Arbor Real Estate has a positive report!
Keep the great info coming
The Great State of Texas is good in all categories. While we have foreclosures too, we didn't have a bubble in prices!!
Missy, Thanks for the link. I am sure Philadelphia and suburbs are doing well from what I see around me but I will check it out and tell clients who are sitting on the fence to take a look at it.
Wow, good stuff Missy. I just checked out our area and it states "low". I think you're right in that all of this hit Michigan so much earlier than the rest of the country. Could be we'll be leading the way out of it. Would be nice.
Missy: As always great information. My market in Maryland was ranked low risk but my second market of south Florida, not surprisingly, was high...
Hi Missy, Houston was minimal. My husband was just asking me why private mortage insurance has not helped in this fiasco we are in. I guess they have problems also.
Sounds like good news ! My parents own a second home off of Lake Michigan... it would be nice for Michigan to get a break !!! We have been pretty fortunate that Philly has done pretty well overall in the last couple of years and the underlying economy is still pretty strong : )
Never been a big 'PMI' Fan, MGIC is a good insurance company to offer PMI... I wonder if we are going to see an MI company go under too?? Time will tell...
Thanks for this report! I put it in my favorites folder. Unfortunately we aren't fairing as well as Ann Arbor.