April 3, 2008

Risky Property areas in the States

In the wake of the sub prime mortgage crisis in the states, it would seem that property prices have been taking a serious hit in values compared to the same period just last year. In the worst case the price reductions are touching around nineteen per cent, which is anyone’s book is a lot.

So where are these are areas and how much have the values dropped:

No. 10: Atlanta, Ga. Prices Down 7.1%
No. 9: Detroit, Mich. Prices Down 7.7%
No. 8: Jacksonville, Fla. Prices Down 8.7%
No. 7: Phoenix, Ariz. Prices Down 9.5%
No. 6: Miami, Fla. Prices Down 10.6%
No. 5: Los Angeles, Calif. Prices Down 10.7%
No. 4: Tampa, Fla. Prices Down 11.7%
No. 3: San Diego, Calif. Prices Down 17.1%
No. 2: Las Vegas, Nev. Prices Down 17.2%
No. 1: Sacramento, Calif. Prices Down 18.5%

Of course normally you would feel that this is a tragedy, but it must be remembered that property is considered an investment and with prices like this there are some good investment properties over there in the US.

Source [Forbes]
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