A report from PMI Summer 2008 Risk Index Indicates Risk Intensifying in Areas With Previous Rapid Home Price Growth.
Housing Affordability Continues to Improve
WALNUT CREEK, Calif., July 1
-- PMI Mortgage Insurance Co., the primary U.S. subsidiary of The PMI Group, Inc. (NYSE: PMI), today released its Summer 2008 U.S. Market Risk Index(SM), which ranks the nation's 50 largest metropolitan statistical areas (MSAs) according to the likelihood that home prices will be lower in two years. The U.S. Market Risk Index shows risk further diverged along two distinctly different paths during the first quarter of 2008, continuing a trend that began in the fourth quarter of 2007. In general, risk continued to intensify in many of the MSAs where home price growth had significantly exceeded historical norms during the housing boom, but continued to decline in many other areas across the country.
A complete copy of the Summer 2008 PMI ERET report and an appendix that provides data for all 381 U.S. MSAs is available at: http://www.pmi-us.com/eret.
The 14 Markets with less than 1% risk:
5 Milwaukee-Waukesha-West Allis; WI <1
5 Cleveland-Elyria-Mentor; OH <1
5 Austin-Round Rock; TX <1
5 Denver-Aurora; CO <1
5 Charlotte-Gastonia-Concord; NC-SC <1
5 Kansas City; MO-KS <1
5 Columbus; OH <1
5 Cincinnati-Middletown; OH-KY-IN <1
5 Indianapolis-Carmel; IN <1
5 San Antonio; TX <1
5 Houston-Sugar Land-Baytown; TX <1
5 Pittsburgh; PA <1
5 Dallas-Plano-Irving; TX <1
5 Fort Worth-Arlington; TX <1
Source: PMI Mortgage Insurance Co. (07/01/2008)