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PMI Expects Lower Housing Prices in 2011 July 7, 2009

Posted by John Watch in News Feed.
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Reported from: HousingWire.com

“Home prices will be lower in two years compared to Q109 for much of the country’s metropolitan statistical areas, (MSAs) according to an economic trends report released by PMI Mortgage Insurance Co.”

I would hope so. Hopefully this means that homes over 30 years old will not have the same values as newly constructed properties.

The MSAs most likely to see decreased prices are the Riverside-San Bernardino-Ontario, California, Miami-Miami Beach-Kendall, Florida, and Los Angeles-Long Beach-Glendale, CA regions.

The irony… These are most of the pockets that fuled the housing in crisis because of an oversupply.

Maybe the “recovery” that everyone is sitting on their hands for, is what we are in right now. Hmm.. What’s better? A boom, a bust, or stability? Depends on who you talk to…

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