Industry News

Riskiest real estate markets in U.S. pinpointed

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Boston, Los Angeles and San Francisco are the riskiest housing markets in the country, with high probabilities of declines in housing prices over the next two years, according to a list based on the PMI Risk Index. The list considered job growth, population, median income and affordability in identifying the 13 riskiest real estate markets. It was published in the August Kiplinger's Personal Finance Magazine and was based on the PMI Risk Index. Soaring prices and a new generation of inexperienced real estate investors were cited by Kiplinger's as reasons for concerns about a possible bursting of the real estate bubble. The growing number of houses bought as investments, nearly one-fourth of purchases over the past year, was also cited. Boston was deemed the riskiest housing market in the country. It is at risk because the area has lost 200,000 jobs since 2000 and housing prices remain high, according to the Risk Index. PMI assigned a 53 percent probability that Boston housing prices w...