The Austin area is not likely to see a major correction in home prices, according to PMI Mortgage Insurance Co.’s First Quarter 2009 Economic and Real Estate Trends Report.
When it comes to risk of a home price correction, Austin is the 17th most-stable among the nation’s 50 largest cities, the report shows. However, all four of Texas’ other major cities are among the top 10 most-stable on the list.
The index ranks the nation’s 50 largest metropolitan statistical areas according to the likelihood that home prices will be lower in two years. It uses home price appreciation, employment, affordability, excess housing supply, interest rates, and foreclosure activity to determine these probabilities. The Miami area had the highest risk, followed Riverside-San Bernardino-Ontario, Calif, and Fort Lauderdale-Pompano Beach-Deerfield Beach; Fla.
About Ed Neuhaus
Broker and founder of Neuhaus Realty Group. I started working in real estate as soon as I could push a lawnmower and help clean up investment properties for my parents. Investing in real estate has always been a passion and now I have turned that passion into a way to help others. Buying and selling homes for others is just one way I think I can make the world better. No sales pressure, no gimmicks, just an honest work ethic gets the job done. Let me know how I can help you. Give me a call today at 512.366.3720
