Business Journal: Forbes Says More Local Housing Troubles Ahead
Sacramento has garnered some national attention, but for all the wrong reasons.
Tuesday, December 23, 2008
A national magazine has confirmed the obvious – the Sacramento region’s housing market has tanked. And the pain will continue in 2009, according to a Forbes magazine report. The four-county region is expected to be the fifth-worst housing market nationwide, with the median home value projected to tumble 22 percent in 2009. The region’s home price, which has already dropped to $225,000 this year, should inch up a modest 2 percent in 2010. If the estimate becomes reality, the median home price – meaning half the homes sale for more, the other half for less – would be about $175,000 in late 2009, basically rolling prices back to the lowest level in a decade. Los Angeles is expected to be the hardest-hit housing market, followed by Stockton and Riverside at No. 2 and No. 3, respectively. California is expected to have eight of the 10 worst markets next year.