California Owns 8 of 10 Worst Real Estate Markets

Monday, Dec 29, 2008  |  Updated 8:06 AM PDT
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California Owns 8 of 10 Worst Real Estate Markets

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It takes banks months to repossess and sell homes after owners stop making mortgage payments.

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10 Worst Real Estate Markets for 2009

The housing market hasn't bottomed out yet. For the third quarter, the closely-watched S&P Case-Shiller national home-price index fell 16.6%, and experts are predicting further declines. Of the top 100 markets, here are 10 with the worst forecasts.



1. Los Angeles

2008 median house price:
$375,340

2009 projected change:
-24.9%

2010 projected change:
-5.1%

The median home price in the L.A.-Long Beach-Glendale metro area is projected to fall nearly 25% in 2009 - the biggest drop in the country.



2. Stockton, Calif.

2008 median house price: $248,050

2009 projected change:
-24.7%

2010 projected change:
-4.0%



3. Riverside, Calif.

2008 median house price:
$256,540

2009 projected change:
-23.3%

2010 projected change:
-4.8%



4. Miami-Miami Beach

2008 median house price: $293,590

2009 projected change:
-22.8%

2010 projected change:
-6.4%

Miami will be nursing the hangover from its epic building boom for years to come. After falling 22% in 2008, prices are predicted to plunge another 23% next year.



5. Sacramento

2008 median house price:
$225,140

2009 projected change:
-22.2%

2010 projected change:
2.3%



6. Santa Ana-Anaheim

2008 median house price: $532,810

2009 projected change:
-22.0%

2010 projected change:
-3.5%



7. Fresno

2008 median house price:
$257,170

2009 projected change:
-21.6%

2010 projected change:
-3.3%

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8. San Diego

2008 median house price: $412,490

2009 projected change:
-21.1%

2010 projected change:
-2.9%



9. Bakersfield, Calif.

2008 median house price:
$227,270

2009 projected change:
-20.9%

2010 projected change:
-2.5%



10. Washington, D.C.

2008 median house price: $343,160

2009 projected change:
-19.9%

2010 projected change:
-5.7%

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