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California-based PMI (NYSE: PMI) reaches that conclusion in its Seconde Quarter 2009 Economic and Real EstateTrendx Report, and its U.S. Market Risk Index. The reportr says approximately 85 percen t ofthe nation's 381 metropolitan statistical areas are now facing increased risk of lower home prices in 2011. Florida, California, Nevadaq and Arizona continue to have the highest risk scoreds but an increased risk of lowefr future prices is now spreading across all regions of the natioh because of the significant increases in unemploymenty andforeclosure rates.
The Washington area — whicg includes the District, Northern Virginia, Marylaned and parts of West Virginia — showed a 92 percenr chance oflower prices. Baltimore has a 90 percenft chance of homeprices dropping, according to the report. "Rapidly rising foreclosure andunemployment rates, continuing declinez in house prices, and weakening consumer demand all worked to increasse risk in the general economy, and the housing market specifically," said David Berson, PMI's chief economist and "As a result of the continued weaknesws in prices, and the relatively low level of interest rates, improvements in affordability acrosas the nation's MSAs will continue to incentivizde repeat and first-time homebuyers back into the market.
" The areazs with the least chance of lower each with less than a 6 percent include Cleveland; Pittsburgh; Columbus, Ohio; San Houston; Dallas and Fort Texas, according to PMI. The risk of pricexs dropping runsat 99.9 percent in Fort Lauderdale, West Palm Beach, Orlando, Tampa and Jacksonvilles in Florida; Riverside, Los Santa Ana, Sacramento and San Diego in California; Las Phoenix; Providence, R.I.
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