Will California Real Estate decline in value?
We're starting to see predictions that real estate in Southern California may decline.
A study by PMI Mortgage Insurance Co. predicts the top areas in the United States where housing prices may decline in the next two years. According to the study, "the San Jose metropolitan area a 53 percent probability that residential property owners will see price depreciation in the San Jose metropolitan area. That placed San Jose second nationwide, behind Boston's 53.3 percent probability for declines."
The study goes on further to state "Other California metropolitan areas most likely to experience housing depreciation include San Francisco at 47.9 percent, San Diego at 43.3 percent, Sacramento at 36.9 percent, Los Angeles at 35.9 percent, and Riverside at 31.6 percent."
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