 The imploding housing market and the subsequent decline of housing prices is nowhere near over. The fallout of the bursting housing bubble could last until the end of 2009, or as long as 2010+, according to many top real-estate resources. According to Fiserv Lending Solutions, housing prices in 75 of the U.S.'s top 100 cities are expected to fall in the next 12 months. Furthermore, foreclosures during the first quarter of 2008 have spiked nearly 112% from last year's figures. And, with billions of dollars worth of subprime mortgages resetting in the next year, the statistics will only get worse. With free-falling prices and the expectation of lower future prices, homebuyers will probably find themselves on the fence for a while, waiting for rock bottom prices. This, in turn, will most likely prolong price declines, as homebuyers hold out to find lower prices. Below is a list of Home Pricing statistics in 100 popular metro areas: Metro Area | Home Price | Price Change | Forecast | Change in Foreclosure | | median | 5 years | May '09 | Rate- 1 year | McAllen, TX | $109,000 | 23.30% | 4.00% | 23% | Rochester, NY | $121,000 | 20.10% | 2.70% | 5% | Birmingham | $156,000 | 29.40% | 2.70% | 20% | Syracuse | $126,000 | 29.50% | 2.60% | 27% | Buffalo/Niagara Falls | $105,000 | 24.50% | 2.40% | 14% | New Orleans | $158,000 | 43.70% | 2.20% | 49% | Scranton | $128,000 | 41.10% | 2.20% | 8% | Baton Rouge | $170,000 | 38.30% | 1.90% | 14% | Grand Rapids | $124,000 | 8.30% | 1.90% | 37% | El Paso | $134,000 | 51.90% | 1.80% | 32% | Wichita | $114,000 | 17.80% | 1.50% | 9% | Tulsa | $128,000 | 18.80% | 1.40% | 5% | Fort Worth/Arlington | $134,000 | 17.40% | 1.40% | 16% | Indianapolis | $114,000 | 12.00% | 1.30% | 11% | Houston | $150,000 | 25.10% | 1.20% | 11% | Dallas | $161,000 | 15.80% | 1.20% | 14% | Gary, IN | $125,000 | 25.60% | 1.10% | 12% | Albany, NY | $200,000 | 64.10% | 0.90% | 10% | San Antonio | $152,000 | 39.60% | 0.80% | 22% | Greensboro, NC | $151,000 | 17.80% | 0.60% | 256% | Omaha | $136,000 | 17.70% | 0.60% | 71% | Little Rock | $128,000 | 28.40% | 0.50% | 405% | Louisville | $133,000 | 20.70% | 0.50% | 17% | Columbia, SC | $145,000 | 28.10% | 0.30% | 16% | Oklahoma City | $134,000 | 29.80% | 0.30% | 16% | Austin | $186,000 | 28.90% | -0.10% | -6% | Raleigh/Cary, NC | $236,000 | 26.40% | -0.20% | 62% | Charlotte, NC | $205,000 | 27.80% | -0.50% | 15% | Kansas City | $148,000 | 19.40% | -0.60% | 22% | St. Louis | $134,000 | 31.70% | -0.80% | 22% | Lake County, IL | $260,000 | 30.40% | -0.80% | N.A. | Pittsburgh | $144,000 | 18.10% | -1.30% | 1% | Memphis | $124,000 | 8.70% | -1.50% | 28% | Richmond | $226,000 | 61.40% | -1.80% | 72% | Milwaukee | $220,000 | 35.70% | -1.80% | 53% | Atlanta | $205,000 | 16.00% | -2.30% | 52% | Youngstown, OH | $87,000 | 2.80% | -3.00% | 3% | Nashville | $154,000 | 34.80% | -3.30% | 28% | Allentown, PA | $247,000 | 58.90% | -3.30% | 52% | Akron | $143,000 | 5.20% | -3.80% | 15% | Toledo | $122,000 | 1.90% | -4.00% | 12% | Cincinnati | $166,000 | 7.40% | -4.20% | 9% | Cleveland | $145,000 | 1.20% | -4.30% | 11% | Columbus, OH | $155,000 | 5.70% | -4.40% | 17% | Dayton | $125,000 | 7.70% | -4.40% | 10% | Knoxville | $144,000 | 35.60% | -5.20% | 39% | Minneapolis/St. Paul | $235,000 | 15.90% | -5.60% | 71% | Farmington Hills, MI | $175,000 | -7.50% | -5.90% | N.A. | Poughkeepsie, NY | $260,000 | 50.80% | -6.80% | 35% | Chicago | $279,000 | 29.20% | -6.80% | 9% | Virginia Beach | $236,000 | 90.10% | -7.10% | 33% | Cambridge, MA | $417,000 | 10.70% | -8.50% | 57% | Detroit | $120,000 | -6.30% | -8.60% | 41% | Peabody, MA | $365,000 | 10.40% | -8.80% | 9% | Sacramento | $330,000 | 23.30% | -8.90% | 210% | Seattle | $430,000 | 61.90% | -9.00% | 58% | Worcester, MA | $257,000 | 13.50% | -9.20% | 102% | Springfield, MA | $195,000 | 33.60% | -9.50% | 241% | Jacksonville | $197,000 | 47.70% | -9.60% | 130% | San Diego | $522,000 | 31.30% | -9.70% | 175% | Salt Lake City | $229,000 | 59.90% | -9.80% | 18% | San Francisco | $840,000 | 40.70% | -10.10% | 175% | Wilmington, DE | $259,000 | 50.90% | -10.30% | 145% | Boston | $363,000 | 13.40% | 10.50% | 57% | Albuquerque | $174,000 | 50.70% | -10.50% | 23% | Denver | $254,000 | 4.50% | -10.80% | 23% | Philadelphia | $200,000 | 50.00% | -11.10% | 29% | Providence | $275,000 | 32.00% | -11.60% | 107% | Oakland | $595,000 | 27.70% | -11.70% | 266% | Baltimore | $264,000 | 64.70% | -12.50% | 92% | San Jose | $750,000 | 38.70% | -12.50% | 347% | Hartford, CT | $249,000 | 29.10% | -12.60% | 51% | Bethesda, MD | $460,000 | 54.90% | -12.90% | 118% | Ventura County, CA | $577,000 | 42.70% | -13.10% | 240% | Tacoma | $283,000 | 64.30% | -13.20% | 68% | Washington, DC | $408,000 | 49.20% | -13.20% | 42% | New York City | $471,000 | 43.50% | -13.20% | 3% | Bakersfield, CA | $255,000 | 73.00% | -13.60% | 391% | Stamford, CT | $562,000 | 32.80% | -13.90% | 66% | New Haven | $260,000 | 36.30% | -14.20% | 83% | Fresno | $276,000 | 62.10% | -14.30% | 285% | Nassau/Suffolk, NY | $465,000 | 40.20% | -14.40% | N.A. | Portland, OR | $306,000 | 62.30% | -14.70% | 100% | Camden, NJ | $220,000 | 50.90% | -14.90% | 11% | Santa Ana, CA | $669,000 | 52.40% | -15.20% | 290% | Newark | $419,000 | 38.10% | -15.40% | -5% | Sarasota | $230,000 | 38.00% | -15.50% | 458% | Edison, NJ | $358,000 | 36.00% | -15.80% | 0% | Honolulu | $625,000 | 95.30% | -16.20% | 129% | Los Angeles | $528,000 | 67.70% | -16.80% | 261% | Stockton, CA | $341,000 | 17.80% | -16.80% | 379% | Tucson | $217,000 | 54.50% | -16.90% | 14% | Riverside, CA | $340,000 | 49.90% | -16.90% | 299% | Tampa | $200,000 | 52.10% | -17.10% | 281% | West Palm Beach, FL | $305,000 | 46.10% | -17.60% | 435% | Las Vegas | $277,000 | 60.80% | -18.30% | 2% | Phoenix | $237,000 | 60.90% | -18.30% | 9% | Orlando | $245,000 | 62.50% | -21.00% | 399% | Fort Lauderdale | $309,000 | 56.10% | -22.20% | 450% | Miami | $329,000 | 94.80% | -24.90% | 370% | USA | $206,000 | 32.70% | -9.70% | 65% |
SOURCES: Fiserv Lending Solutions; First American CoreLogic, LoanPerformance data; city and county assessors in McAllen, Texas, Poughkeepsie, N.Y. and Lake County, Ill.; MetroTex Association of Realtors; Scranton Board of Realtors; and Greater Tulsa Association of Realtors. (Posted by K.Skowronski)
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