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Data Suggests Housing Sector Remains Sluggish.(Managing REO)
Byline: Ted Cornwell
New York-Recent analytical data show little evidence that housing values are stabilizing nationally, and that has increased worries about the fate of the government-sponsored enterprises and other companies whose fortunes are tied to the health of the mortgage finance sector.
Mortgage insurer PMI, which publishes a quarterly index assessing future prospects for home values, found the risk of further price declines "intensifying in areas with previous rapid home price growth."
On the positive side, PMI said that the risk that home prices will fall over the next two years has continued to decline in many other areas of the country.
Metropolitan areas with the highest risk of further price declines remain concentrated in California and Florida, with Riverside-San Bernardino in California, as well as the West Palm Beach-Boca Raton and Fort Lauderdale markets in Florida topping PMI's risk list.
Meanwhile, the risk of price declines is small in Dallas-Fort Worth and Pittsburgh.
Among the nation's 50 largest metropolitan statistical areas, 16 continue to face a high risk of price declines over the next two years. Fifteen of those MSAs were in California, Florida, Nevada and Arizona.
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Source: HighBeam Research, Data Suggests Housing Sector Remains Sluggish.(Managing REO)