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Risk wanes for real estate price declines

Seven of the 10 housing markets with the highest risk of price declines in the next two years are in Florida, according to an analysis by PMI Mortgage Insurance Co.

PMI’s Risk Index, which takes into account factors including unemployment, foreclosures, inventory levels and price volatility, showed six of the 10 least risky markets during the fourth quarter were in North Dakota and Iowa.

The risk of home-price declines decreased in 93 percent of the 384 markets tracked, PMI said, largely because of improvements in affordability and declining foreclosure starts (see story).

10 riskiest housing markets
1. Naples-Marco Island, Fla.
2. Lake Havasu City-Kingman, Ariz.
3. Cape Coral-Fort Myers, Fla.
4. Lakeland-Winter Haven, Fla.
5. Palm Coast, Fla.
6. Miami-Miami Beach-Kendall, Fla.
7. Port St. Lucie, Fla.
8. Riverside-San Bernardino-Ontario, Calif.
9. Las Vegas-Paradise, Nev.
10. Fort Lauderdale-Pompano Beach-Deerfield Beach, Fla.

10 least risky markets
1. Grand Forks, N.D.-Minn.
2. Fargo N.D.-Minn.
3. Killeen-Temple-Fort Hood, Texas
4. Fayetteville, N.C.
5. Iowa City, Iowa
6. Ames, Iowa
7. Cedar Rapids, Iowa
8. Morgantown, W.V.
9. Texarkana, Texas-Ark.
10. Bismark, N.D.

Source: PMI Mortgage Insurance


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