While many housing markets throughout the country are experiencing a great deal of instability and projected housing process are looking grim for the next few years, a report released by PMI Mortgage Insurance Co. indicates that Austin is at a low risk for experiencing home price correction over the next two years.
In order to create its First Quarter 2009 Economic and Real Estate Trends Report, PMI Mortgage Insurance Co. analyzed a variety of different statistics, including employment rates, home price appreciation, excess housing supply, affordability, foreclosure activity and interest rates.
The report placed Austin in the number 17 position of the 50 largest, most stable cities. All four of the other major cities in Texas also made the list, with each being ranked in the top 10. Conversely, the Miami area was listed as being at the greatest risk for home price correction. Other cities that were found to be at high risk included Riverside-San Bernardino-Ontario, California and Fort Lauderdale-Pompano Beach-Deerfield Beach, Florida. Those cities that were found to be the most stable were Pittsburgh and Cleveland-Elyria-Mentor, Ohio. But, the fact that Austin was also included on the list is certainly good news for those who are considering making a new home purchase or who are simply looking for a viable market for making a solid real estate investment.