Report Says California, Vegas At Risk for Further Home Price Declines

Walnut Creek, Calif.–California’s Inland Empire, Las Vegas and Miami ranked as some of the highest-risk areas for further price declines in the quarterly risk index released Tuesday by Walnut Creek, Calif.-based PMI Mortgage Insurance, the country’s second-largest mortgage insurance company.Fourteen of the risky areas were in California, Florida, Nevada and Arizona, the San Jose Mercury News reports.Some areas–such as San Joaquin and Solano counties in California–may be nearing the end of their home price decline cycle and could soon stabilize. Other areas, including San Francisco and San Mateo counties, may see further price drops because their value declines began later than other regions.PMI’s report, based on Office of Federal Housing Enterprise Oversight data, is used by banks, real estate agents and insurance companies to determine risk.