Manhattan, Las Vegas and Providence, R.I., are among 25 markets that are forecasted to experience steep deflation in housing prices in 2010, according to a new report from the Housing Predictor that forecasts 250 local housing markets in all 50 states. Characteristics studied include income levels, employment trends and changes, school enrollment, business trends, regional political influences, real estate sales history and current housing market velocity.
Highlights from the report:
- Markets in 16 states made the 25-worst list, demonstrating how widespread the housing downturn has become as a result of the financial crisis.
- Arizona, California, Connecticut, Hawaii, Illinois, Maryland, Nevada, New York, Oregon, Rhode Island, South Carolina and Virginia markets are projected to experience some of the worst housing deflation in the New Year.
- Nearly all of the markets that made the list are projected to sustain double-digit deflation for the year, led by Manhattan (-17.2 percent), Las Vegas (-15.4 percent), Providence, R.I. (−13.8 percent), Miami (−13.8 percent) and Newport, R.I. (−13.6 percent).
- Rounding out the 15 worst markets are: Henderson, Nev. (−13.5 percent), Greenwich, Conn. (−13.4 percent), Scottsdale, Ariz. (−12.4 percent), Columbia, S.C. (−12.2 percent), Charleston, S.C. (−12.1 percent), Salem, Ore. (−11.8 percent), Prince George’s, Md. (−11.6 percent), Phoenix (−11.3 percent), Brooklyn/Queens, N.Y. (−11.2 percent) and Myrtle Beach, S.C. (−11.2).
For the full 25-worst list, visit: www.housingpredictor.com