The annual Worst 25 Housing Market Forecasts for 2010 have been released by Housing Predictor, which forecasts 250 local housing markets in all 50 states. The worst market forecasts are issued annually and updated throughout the year as changing market conditions demand. Markets in 16 states made the list, demonstrating how widespread the housing downturn has become as a result of the financial crisis. The worst markets have the highest probability of hitting their forecast from all the markets the online real estate research company issues.
Despite the fallout of the credit crisis, however, there are housing markets that are projected to appreciate in Housing Predictor's annual Best 25 markets as the nation starts on its road to recovery from the worst economy since the Great Depression in 2010.
New York, Nevada, Arizona, California, Rhode Island, Illinois, Connecticut, Hawaii, Virginia, Maryland, New York, Virginia, South Carolina and Oregon markets are projected to experience some of the worst housing deflation in the New Year.
The epidemic of foreclosures is projected to worsen in 2010 as a new round of foreclosures sweeps the nation triggered by bank servicing companies ramping up efforts to recover banking losses. A high number of markets will sustain double-digit deflation as a result.
For more information, visit www.housingpredictor.com.