If you are looking for a new place to live, be careful where you buy. Phoenix has been ranked as one of the top 5 cities where home prices might still have further to fall.
Analysts and economists say it’s still too early to say the housing market has bottomed out.
Here is a list of five cities where home prices may still have farther to fall, according to
Yahoo!
#1 DetroitHousing prices fell 4.9% in Detroit in March, marking the city’s largest monthly decline since January 1991. Houses in Detroit are currently selling at 1995 prices.
#2 New York CityThe city saw its largest-ever monthly decline in March, at 2.5%.
#3 PhoenixHome prices in Phoenix have fallen 53% from their peak in June 2006, and the 2009 data suggest they’ve got farther to go. In March, prices in Phoenix fell 4.5%.
#4 Portland, Ore.In the Northwest, median home prices are down but they remain above the national average. Portland’s prices fell 2.1% in March. Home prices in Seattle were down 2.0% for the month.
The Pacific Northwest bubble was among the last to burst, which could mean the market will be among the last to recover.
#5 MinneapolisHousing prices in Minneapolis fell 6.1% in March, the largest monthly decline of any metro area since data tracking began in 1987.
More than half of all March home sales in Minneapolis were due to foreclosure or short-sale activity.
Find out more about the five housing markets that have further to fall.
