George S. May Business Blog

10 worst markets buy a home in for 2009

Planning on buying a home? Here is an at-a-glance round up of ten markets in the country that are predicted to take the biggest hit.

10. Washington, D.C.

2008 median house price: $343,160

2009 projected change: -19.9%

2010 projected change: -5.7%

9. Bakersfield, Calif.

2008 median house price: $227,270

2009 projected change: -20.9%

2010 projected change: -2.5%

8. San Diego

2008 median house price: $412,490

2009 projected change: -21.1%

2010 projected change: -2.9%

7. Fresno

2008 median house price: $257,170

2009 projected change: -21.6%

2010 projected change: -3.3%

6. Santa Ana-Anaheim

2008 median house price: $532,810

2009 projected change: -22.0%

2010 projected change: -3.5%

5. Sacramento

2008 median house price: $225,140

2009 projected change: -22.2%

2010 projected change: 2.3%

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.

3. Riverside, Calif.

2008 median house price: $256,540

2009 projected change: -23.3%

2010 projected change: -4.8%

2. Stockton, Calif.

2008 median house price: $248,050

2009 projected change: -24.7%

2010 projected change: -4.0%

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. (source)

Seeing as though eight out of ten of the cities are in California, renters in the Golden State might want to think twice about buying next year. Ouch!

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