US Housing Markets – Good and Bad
In predicting the worse housing markets in the US, markets in 16 states made the list. This simply demonstrates how widespread the housing downturn has become as a result of the financial crisis that has griped the nation in the last two years. Despite the fallout of the credit crisis, there are housing markets that are projected to appreciate in some of the best markets as the nation starts on its road to recovery from the worst economy since the Great Depression in 2010.
It is not a surprise to note that New York, Nevada, Arizona, California, Rhode Island, Illinois, Connecticut, Hawaii, Virginia, Maryland, New York, Virginia, South Carolina and Oregon markets are projected to experience some of the worst housing deflation in the New Year. These states just continue to get hit over and over again as foreclosures are projected to worsen in 2010 with a new round sweeping the nation triggered by bank servicing companies that are ramping up efforts to recover their banking losses. As a result, a high number of markets will sustain double-digit deflation, which could hinder the recovery even further.