L.A. worst housing market?

That's what Fortune says about 2009. L.A. prices are projected to fall almost 25 percent in 2009 and another 5.1 percent in 2010. That's worse than Stockton, Riverside, Miami and Fresno. Problem is, Fortune doesn't say where those numbers are coming from ("experts" is all that appears in the headline). Too bad there isn't a better explanation behind the forecast. While California home prices fell by the biggest margin in the nation for the 19th straight month in November, the declines appear to be getting less steep. The OC Register's Jon Lansner cites figures showing a 25.9 percent drop in November, down from 30.4 percent in August. The question, I suppose, is how much further down those prices are likely to go - and where in L.A. County will those drops be mostly felt.

FORTUNE 2009 FORECAST
1)Los Angeles, -24.9%
2)Stockton, -24.7%
3)Riverside, -23.3%
4)Miami, -22.8%
5)Sacramento, -22.2%
6)Santa Ana, -22%
7)Fresno, -21.6%
8)San Diego, -21.1%
9)Bakersfield, -20.9%
10)Washington, D.C., -19.9%


More by Mark Lacter:
American-US Air settlement with DOJ includes small tweak at LAX
Socal housing market going nowhere fast
Amazon keeps pushing for faster L.A. delivery
Another rugged quarter for Tribune Co. papers
How does Stanford compete with the big boys?
Those awful infographics that promise to explain and only distort
Best to low-ball today's employment report
Further fallout from airport shootings
Crazy opening for Twitter*
Should Twitter be valued at $18 billion?
Recent stories:
Letter from Down Under: Welcome to the Homogenocene
One last Florida photo
Signs of Saturday: No refund
'I Am Woman,' hear them roar
Bobcat crossing
Previous story: Tuesday morning headlines

Next story: MGM under the gun

New at LA Observed
On the Media Page
Go to Media

On the Politics Page
Go to Politics
Arts and culture

Sign up for daily email from LA Observed

Enter your email address:

Delivered by FeedBurner


Advertisement
Mark Lacter
Mark Lacter created the LA Biz Observed blog in 2006. He posted until the day before his death on Nov. 13, 2013.
 
Mark Lacter, business writer and editor was 59
The multi-talented Mark Lacter
LA Observed on Twitter and Facebook