Mortgage insurer: Tampa-St. Pete 9th riskiest housing market in U.S.
Gimme an Advil and two Rolaids
PMI, the mortgage insurance company, rates the Tampa Bay area ninth riskiest for home price declines through the summer of of 2009.
Fellow housing hangover sufferers such as Phoenix, Los Angeles, Fort Lauderdale and Orlando came off worse than us. But Tampa-St. Pete shares the "red zone" atop the list of high risk markets. Miami came in 13th. Jacksonville was 16th.
How does PMI evaluate risk? Probably just like you would. It keeps tab of home prices, employment trends, affordability, housing supply and foreclosure rates. It sees little chance of home price improvements this year.
Here's PMI's top ten list (more like bottom 10 list) :
- Riverside, CA
- Las Vegas, NV
- Phoenix, AZ
- Santa Ana, CA
- Los Angeles, CA
- Fort Lauderdale
- Orlando
- Sacramento, CA
- Tampa-St. Pete
- West Palm Beach
If you want to wade through PMI's 12-page report, click here. It offers some good perspective on when we might expect a housing recovery.
(Un)Real Estate offers a peek at the housing market usually reserved for insiders. While it focuses on the Tampa Bay area, it won't neglect dipping
into the rest of Florida and beyond. Its goal? Simple: To help you keep a roof over your head without losing your shirt.
Certain types of investments, such as real estate closings or investments at foreclosure auctions, may in some circumstances be easier to facilitate through an entity.
Posted by: yukon | January 17, 2008 at 03:47 AM
We may be the 9th riskiest housing market in the country but, Dave Ramsey was on Larry King Live (on 1/17) stating if he lived in Tampa he would be buying up all the property he could. He also stated that he would look like a genius in 5 years. I am not quite sure who he is so I am curious if he is reputable?
Posted by: Cindy | January 18, 2008 at 10:52 AM
Make no mistake about it. Investors are buying up property in the Tampa Bay area. Most are getting ultra-cheap short sale property, sometimes for as little as 60 cents on the dollar. If you buy a home that cheaply, you're protected against further price downturns. I feel sorry for people who, stupidly in many cases, bought high in 2006. I did so but it's my family home I intend to live in for years. But much of the smart money was waiting for 2008. It's simple: Buy low and sell high. The foundation for the next housing expansion is built on the current slump.
Posted by: James Thorner | January 18, 2008 at 11:34 AM