Carmel Real Estate News
I am so glad I am not an agent in Ft. Lauderdale, Riverside, Orlando, or any other number of cities in the Florida, California, Arizona or Nevada area. According the latest PMI Risk Index, some of those areas have over a 99% chance that the home prices will be lower in two years. Ouch!
While this latest index does not bode well for other areas, Indianapolis real estate comes out smelling like roses. According to this study, we have less a 1% chance that our home prices will be lower in the next 2 years.
Here is the full list of metro areas and their corresponding risk index:
Rank MSA Score
1 Fort Lauderdale-Pompano Beach-Deerfield Beach; FL A 99.5
1 Riverside-San Bernardino-Ontario; CA 99.5
1 Orlando-Kissimmee; FL 99.4
1 Miami-Miami Beach-Kendall; FL 99.3
1 Tampa-St. Petersburg-Clearwater; FL 99.0
1 Las Vegas-Paradise; NV 98.5
1 Los Angeles-Long Beach-Glendale; CA 98.5
1 Santa Ana-Anaheim-Irvine; CA 97.7
1 Jacksonville; FL 97.5
1 Phoenix-Mesa-Scottsdale; AZ 96.3
1 Sacramento-Arden-Arcade-Roseville; CA 96.3
1 San Diego-Carlsbad-San Marcos; CA 95.9
1 Oakland-Fremont-Hayward; CA 94.4
1 San Jose-Sunnyvale-Santa Clara; CA 87.1
1 Providence-New Bedford-Fall River; RI-MA 72.4
1 San Francisco-San Mateo-Redwood City; CA 71.6
3 Edison-New Brunswick; NJ 35.1
3 Nassau-Suffolk; NY 29.4
3 Washington-Arlington-Alexandria; DC-VA-MD-WV 26.0
3 Virginia Beach-Norfolk-Newport News; VA-NC 25.4
4 Detroit-Livonia-Dearborn; MI 17.8
4 Minneapolis-St. Paul-Bloomington; MN-WI 14.8
4 Newark-Union; NJ-PA 14.4
4 Baltimore-Towson; MD 10.1
5 New York-White Plains-Wayne; NY-NJ 9.8
5 Boston-Quincy; MA 7.7
5 Warren-Troy-Farmington Hills; MI 7.3
5 Portland-Vancouver-Beaverton; OR-WA 6.4
5 Chicago-Naperville-Joliet; IL 6.3
5 Atlanta-Sandy Springs-Marietta; GA 3.5
5 Seattle-Bellevue-Everett; WA 2.3
5 Philadelphia; PA 2.1
5 Cambridge-Newton-Framingham; MA 1.6
5 Nashville-Davidson-Murfreesboro-Franklin; TN 1.6
5 Cleveland-Elyria-Mentor; OH 1.1
5 St. Louis, MO-IL <1
5 Milwaukee-Waukesha-West Allis; WI <1
5 Charlotte-Gastonia-Concord; NC-SC <1
5 Cincinnati-Middletown; OH-KY-IN <1
5 Denver-Aurora; CO <1
5 Columbus; OH <1
5 Austin-Round Rock; TX <1
5 Kansas City; MO-KS <1
5 Indianapolis-Carmel; IN <1
5 Memphis, TN-MS-AR <1
5 San Antonio; TX <1
Pittsburgh; PA <1
5 Houston-Sugar Land-Baytown; TX <1
5 Dallas-Plano-Irving; TX <1
5 Fort Worth-Arlington; TX <1
This latest report reinforces what I have been saying, that the doom and gloom you hear on the news is really directed towards the cities at the top of this list NOT Indianapolis.
The fact is that Indy did not see rampant price increases like these other areas so we will not see huge price decreases. That is the nice thing about Indianapolis real estate, very stable and steady. Don’t get me wrong, the local market is not red hot but reports like this help to shed light on the fact that real estate IS local and gives us some perspective how we fare compared to the rest of the nation. Indianapolis is not even close to hemorrhaging like other parts of the country and we will pull out of this slump far sooner than other areas.
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Date: Wednesday, October, 8th 2008 @ 09:06:23 AMViews: 1015
This blog entry currently has 4 comments posted.
Barry Cox
Scottsdale AZ is hanging in there, but many areas around here have been very much affected. We have a lot of investors who have come back to grab some properties while the getting is good. It really has been great for 1st time homebuyers who were out of the market a few years ago.
Posted on 2008-10-23 00:04:37
Mark Jones
Maybe so but it also has not and will not appreciate much either..This best investment you can make is just a bunch of garbage. People have lesaarned they are better off to rent...You just wait, these guys from your report also said we would have a pick up in 2008..Why do we believ e them now? Don`t kid yourself, prices still have a long way to fall, even in Indiana.
Posted on 2008-10-30 15:03:27
Mike Taylor
Mark, I have to disagree with you. While I am not under any grand illusions that prices are going to skyrocket here, I definitely don't agree that "prices still have a long way to fall, even in Indiana".
In fact, if you look at some of the more desirable areas of Indy such as Carmel, Zionsville, and Fishers the average home price in only slightly down year over year. With all the doom and gloom we hear every night on the news, that is pretty remarkable.
Posted on 2008-11-04 12:54:16
Paul
Unfortunately Tampa is high up on the list, but one good way to look at is that it provides opportunities to new home owners that once were unable to afford overpriced homes.
Posted on 2008-10-08 11:27:14