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January 6, 2009


San Diego Real Estate – It Could Get Really Ugly

by Bob Schwartz


San Diego real estate 2009Did you see Fortune magazine's article (12/22/08) regarding their picks for the worst 10 real estate markets in the nation for 2009? Eight of the 10 worst markets they've called are here in California.  Fortune's article projected valuation losses in the eight California cities of 21-25% for 2009 and additional 2-5% losses for 2010. Really, not what you want to hear anytime, but especially at new years.



The eight worst California markets named by Fortune, in order are:






Los Angeles   –   2009 projected change: –24.9%



Stockton   –   2009 projected change: –24.7%






Riverside   –   2009 projected change: –23.3%






Sacramento   –   2009 projected change: –22.2%






Santa Ana/Anaheim   –   2009 projected change: –22.0%






Fresno   –   2009 projected change: –21.6%






San Diego   –   2009 projected change: –21.1%






Bakersfield   –   2009 projected change: –20.9%






One should keep in mind that California is ground zero for much of the country's ALT-A and Option-ARM mortgages, which are ready to start re-setting this year, the possibility for things to get really ugly is high.                                                    San Diego MLS listings


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