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Tampa Expected To See Lower Home Prices

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By SHANNON BEHNKEN | The Tampa Tribune

Published: April 1, 2009

Tampa has a 99.7 percent chance of seeing lower home prices through 2010 as more people lose jobs and decide not to buy homes, according to a report released today by Walnut Creek, California-based PMI Mortgage Insurance Co.

Tampa is among the top 10 cities with the highest probability of lower prices in 2010. All 10 have a 99 percent chance. Four other Florida cities – Miami, Fort Lauderdale, Orlando and Jacksonville – made the list.

Other cities in the top 10 are Los Angeles, Riverside and Santa Ana in California; Las Vegas and Phoenix.

PMI is second largest U.S. mortgage insurer and prepares such reports to gauge its risk of defaults. Borrowers must take out mortgage insurance if they don't put down at least a 20 percent down payment or have that much in equity.

Twenty-one percent of the 50 biggest U.S. metropolitan areas have more than a 75 percent chance of lower home prices in two years. Six others have more than a 50 percent chance, the report said.
Some areas fared much better because values didn't rise as high during the housing boom.

Some of those areas with the least chance of lower prices, according to the report, include Pittsburgh; Cleveland; Columbus, Ohio; Dallas, Houston and Memphis, Tennessee.

Information from the Associated Press was used in this report. Reporter Shannon Behnken can be reached at (813) 259-7804.

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