The Real Estate Wonk: Forecast: More home price drops to come - Baltimore homes, apartments, real estate: Buying, selling, renting and housing news from reporter Jamie Smith Hopkins

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November 6, 2007

Forecast: More home price drops to come

Money Magazine has a short story about the 2008 housing market outlook, and the forecast is dark and stormy.

Just how bad will it get? According to Fiserv Lending Solutions, the median home price nationwide is expected to tumble 5.7 percent next year, which would make it the worst year for real estate in at least 40 years.
And some previously sizzling markets in places like Florida and Nevada will likely suffer double-digit drops.

Fiserv Lending Solutions expects the biggest drops next year in Miami (down 13.1 percent); Carson City, Nev. (down 12.5 percent); St. George, Utah (down 11.5 percent); Stockton, Calif. (down 10.5 percent); Grand Junction, Colo. (down 9.9 percent); and Ocean City, N.J. (down 9 percent).

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About Jamie Smith Hopkins

Jamie Smith Hopkins, a Baltimore Sun reporter since 1999, writes about the regional economy. Her reporting on the housing market has won national and local awards. Hopkins is a Columbia native and has lived in Maryland all her life, save for 10 months spent covering schools in Ames, Iowa.
She trained to become a wonk by spending large chunks of time as a geek and an insufferable know-it-all.
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