Editor’s Note: The Annual Top 25 Housing Market Forecasts may be accessed for 2010 by clicking on the “Best 25 Markets” on the menu on the left.
Fewer housing markets are forecast to appreciate making the Housing Predictor Top 25 market list for the year as job layoffs and business failures throw the national economy into a deepening recession. There are now eight markets forecast to experience housing inflation in 2009.
North Dakota and Montana were the last two states to produce signs of a downturn in their real estate markets. At the beginning of the year, Montana placed all five of its markets on the list with forecast housing inflation, but since that time economic conditions have deteriorated and show a powerful likelihood of worsening through the remainder of 2009.
North Dakota was never targeted by subprime lenders and banks selling new Alternative Adjustable rate mortgages during the real estate boom, which has acted to protect it from the disastrous economic conditions else where with record foreclosures. They had dodged the nation’s housing depression produced by new creative mortgages in concert with new creative lending instruments manufactured on Wall Street. But the weakening economy is impacting just about every where in the country.
The Top 25 markets are selected from the more than 250 local housing markets forecast by Housing Predictor, and are projected to have the best probability of hitting their forecast.
|Rank||Real Estate Market||2009 Forecast|
|2.||Rapid City, SD||1.9%|
|9.||Sioux Falls, SD||−1.7%|
|16.||Oklahoma City, OK||−2.9%|
|22.||Great Falls, MT||−3.7%|