CALIFORNIA BUSINESS MINUTE
Worst Real Estate Markets, 2009
12-24-08
Hi, I am Tim Johnson and welcome to the California Business Minute.
California is getting no respect. Los Angeles was ranked No. 1 in Fortune magazines
list of the nations 10 worst real estate markets for 2009. And unfortunately for the rest
of the state, eight of the top ten were all from the Golden State.
The giant metro had a median home price of $375,340 this year. Prices are projected to
fall by 24.9 percent in 2009 and 5.1 percent in 2010.
Eight of Fortunes 10 worst markets are in California. For example, Stockton ranked No. 2
on Fortunes list, with a 2008 median price of $248,050 and projected drop of 24.7 percent
in 2009 and 4 percent in 2010.
No. 5 Sacramento-area home values, which fell to a median of $225,140 in 2008, are projected
to drop by 22.2 percent in 2009 and climb just 2.3 percent in 2010, according to the magazine.
Prices here have already plummeted. In Sacramento County, the median home price fell to
$185,000 in November, a 36 percent drop from a year ago, according to MDA Dataquick.
Rounding out the top 10 are Riverside (3), Miami-Miami Beach (4), Santa Ana-Anaheim (6),
Fresno (7), San Diego (8), Bakersfield (9) and Washington, D.C., (10).
I am Tim Johnson and this has been the California Business Minute.
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