Industry News

Report: Housing price decline risk grows

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The risk of housing price declines in the 50 largest U.S. metropolitan areas is growing, appreciation is slowing and affordability has worsened, said a mortgage insurance group's study released today. The study, released today by the PMI Mortgage Insurance Co., said 11 metropolitan areas now face a 50 percent or greater risk of price declines, appreciation has slowed in many top markets and yet affordability is still a challenge for many families. The Winter 2006 PMI Economic and Real Estate Trends report said 19 of the top 20 metropolitan areas saw price increases, but there are now 11 areas with a 50 percent or greater risk of price declines. This is up from 5 last quarter and 3 a year ago. The average across the 50 largest metro areas is 26 percent, up from 22 percent last quarter. Appreciation is slowing, with 32 of the 50 largest metro areas seeing slowing appreciation compared to just 7 in the previous quarter, the report said. Affordability decreased in all of the 50 largest ...