California House Prices Could Face Decline In Some AreasWednesday, March 30, 2005 - 02:15 PM
An analysis of real estate prices and affordability indicates that homeowners in the nation's hottest markets face a greater chance of seeing a decline in values.
A report today on the Wall Street Journal's guide, realestatejournal.com, shows six major metro areas in California are all on the list of the top ten regions most likely to see prices fall. San Jose is the highest city in California on the list, with a 53% chance of lower prices. The Bay Area has a 48% chance of seeing a decline. San Diego is fourth on the list with a 43% chance of experiencing a drop in housing values.
The analysis notes that San Diego has the nation's least affordable housing market in terms of annual income. With a per-capita income of less than $37,000, the average resident would need to spend 90 percent of his or her income to afford a 30-year mortgage on a median-priced home, which recently was $578,000.
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