Homeowners already coping with an uncertain credit market and falling real estate values got more discouraging news yesterday when PMI Mortgage Insurance Co. said home prices in San Diego County are likely to continue dropping for another two years.
The firm said it considered 17 of the largest 50 metro areas in the United States to be at high risk of price declines, with San Diego County's risk at nearly 96 percent. Projected price drops are largely the result of spikes in foreclosures and rising unemployment.
Of the 50 largest metropolitan statistical areas, 24 have a greater than 10 percent risk that home prices will decline. Among those areas, 16 have a risk of greater than 70 percent.
Read More:http://www.signonsandiego.com/uniontrib/20081002/news_1b2prices.html
