A web site popular with real estate agents yesterday released its choices for the ten residential real estate markets in greatest decline based on falling property values in 2009 and other economic factors.
Agent Genius rated the 40 largest MSA on six metrics: median home price declines from their peak, numbers of new homes being built, population flows, per capital GDP, and unemployment.
The result was:
1. Miami, FL (building permits down 77 percent)
2. Tampa, FL (median home price down 32 percent)
3. Riverside, CA (unemployment up 178 percent)
4. Jacksonville, FL (median home price down 23 percent)
5. Phoenix, AZ (building permits down 83 percent)
6. (tied with #7 & #8) Los Angeles, CA (new jobs added down 8.5 percent)
7. Orlando, FL (unemployment up 254 percent)
8. Sacramento, CA (building permits down 75 percent)
9. Las Vegas, NV (median home price down 50 percent)
10. Providence, RI (unemployment up 122.95% percent)
In the list of ten cities experiencing the worst declines, Florida accounts for 40 percent while California accounts for 30 percent, showing continued concentration on the coasts, wrote Lani Rosales, author of the ranking and new media director at the site.
“What most of these cities have in common is astronomical unemployment rates, declining building permit application numbers and slumping median home values.,” she said.