Big Drop Predicted For California Real Estate

by Deidre Woollard (RSS feed)
Dec 30th 2008 at 9:02AM

It seems that the real estate market isn't done falling yet. Fortune magazine has released their list of the 10 worst real estate markets for 2009 and it's bad news for California. A full eight of the 10 on the list are in California starting with Los Angeles in the top slot. The 2008 median house price in Los Angeles was $375,340 but a slide of nearly 25% is predicted for next year followed by another 5% dip in 2010. The next two spots are ones which have already been slammed with foreclosures, Stockton and Riverside, California. In the fourth slot is Miami, Florida which could see another nearly 23% drop in an already plummeting market. Sacramento, Anaheim, Fresno, San Diego and Bakersfield round out the rest of the California areas in trouble. In the tenth spot is Washington D.C. which could have a drop of almost 20%. I wonder if that number takes the Obama bounce into account.

Tags: california, foreclosure, real estate, RealEstate