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[url]http://www.greaterfool.ca/2008/12/24/2009-look-out-below/[/url]
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Fortune magazine has issued a list of real estate disaster areas in the USA for 2009. Astonishingly, eight of the ten Ground Zero locations are in California, where the median house price (at least in the heavily populated southern area) has already collapsed by 50% from the peak point. The forecast below, if accurate, shows just how much of a mess we all remain mired in, since a continued real estate-led recession/depression in the States just about guarantees more crap here.% }, w, i' x' d+ }4 m
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1. Los Angeles, CA. 2009 projected change: -24.9%
6 |4 B; N3 Z2 r* I$ G ?8 w 2. Stockton, CA. 2009 projected change: -24.7%
6 }6 v2 b8 x0 J H$ M$ _3 C$ p+ p 3. Riverside, CA. 2009 projected change: -23.3%" P& n7 I) {+ w& H& ^9 t
4. Miami/Miami Beach, FL. 2009 projected change: -22.8%
# H! I, `$ A! k- b 5. Sacramento, CA. 2009 projected change: -22.2%3 D2 q! U! x: j
6. Santa Ana/Anaheim, CA. 2009 projected change: -22.0%& Y6 _: t; D; C: K0 t1 Y& G
7. Fresno, CA. 2009 projected change: -21.6%- o6 p0 V5 Y( V+ r9 J
8. San Diego, CA. 2009 projected change: -21.1%, h0 ]) d. c8 e+ e$ `+ ^6 R1 ^" h
9. Bakersfield, CA. 2009 projected change: -20.9%
- u% a4 X$ M6 U) U 10. Washington, DC. 2009 projected change: -19.9%
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Now, what about Canada? Well, we do not get off much more easily, so I will give a few of my thoughts on the house value declines that we should be expecting in this great, snow-challenged land, by Christmas Eve, 2009.5 V( `: L. F6 d
; w6 ~. z8 h3 i1. Fort Mac, KOA 2009 projected change: -47%
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2. Kelowna, BC 2009 projected change: -38%9 V! _3 e4 k" p( A6 l/ w
" ?- R/ O) V7 C" {3. Canmore, KOA 2009 projected change: -27%- n3 F0 _9 k9 V
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4. Vancouver, BC 2009 projected change: -21%9 G2 e; p! P6 h/ k/ }
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5. Windsor-Chatham, Ont 2009 projected change: -20%
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6. Victoria, BC 2009 projected change: -18%
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- j8 I5 ]7 Y$ O% ?7. Edmonton, Kingdom of Alta 2009 projected change: -16%
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p0 z0 E d+ [4 a O% \0 V8. Muskoka, Ont 2009 projected change: -16%
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$ Z* H8 S, p1 _% B+ f: c' s0 t$ p9. Calgary, KOA 2009 projected change: -15%
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10. GTA, Ont 2009 projected change: -14% |
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