PMI, Inc., the provider of the nation’s Private Mortgage Insurance, has come out with their quarterly Risk Index of the largest Metropolitan Statistical Areas for the 2nd quarter of 2010. The Risk Index uses economic, housing, employment and mortgage market factors to determine the probability of home prices falling in the next 12 months, per specific area. There is much good news if you live in our own north Texas!
During the first quarter of 2010, risk decreased in 40 of the nation’s 50 most populated (Top-50) MSAs and the average national risk score has dropped for 3 consecutive quarters now.
And for North Texas, the good news gets better:
- The city with the least risk and lowest probability of home prices declining is listed as Columbus, Ohio. *The Ft Worth-Arlington MSA remains a low risk and comes in at #8 least risky. Dallas-Plano-Irving MSA comes in at #9 with a low risk of home prices declining.
- Miami, FL and Las Vegas, NV remain the markets most likely to experience price declines with a 99.9% chance, using the indexing factors.
Today’s real estate market in North Texas, with stable prices and low mortgage rates should encourage
Homebuyers – whether they are personal home buyers or investors. It’s a great time and a great place to purchase real estate!