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« Let Me Be the First to Say it... | Main | It's All Starting to Make Sense » April 15, 2008Today's Bad News Brought to You by PMIHome prices likely to drop until 2009 Many Bay Area home prices will likely be lower in two years, the country's second-largest mortgage insurance company reported. The Walnut Creek-based PMI Mortgage Insurance Company released its quarterly risk index, analyzing year-end federal data and ranking metropolitan areas on the likelihood of prices dropping. Fourteen of the high-risk areas were in California, Florida, Nevada and Arizona. "We basically assess risk at every metropolitan statistical area in the country and whether that risk will be higher or lower in two years," said Nate Purpura, spokesman for PMI. In the highest-risk rank was the Inland Empire of Riverside and San Bernardino counties (93.2 percent) and greater Las Vegas (91.9.) The East Bay (63.8), Orange County (80.6), Los Angeles (77.2), San Diego (72.7) and Miami ((61) were also included. Posted by Jeff Brooks on April 15, 2008 02:51 PM | Permalink TrackBackTrackBack URL for this entry: |