Worst real estate markets

In case you haven’t heard, the real estate boom appears to be over…at least for the time being. Prices are slumping almost everywhere, and some areas have yet to see the worst of it.

Forbes recently examined the 50 largest metropolitan areas in the United States to figure out which housing markets have yet to reach bottom. Spending power, unemployment, housing and credit availability for the last 27 years were factored into the mix.

Using calculations from Moody’s, it was determined how much each area’s home prices would have to drop to create a state of balance. For some, that means more bad times to come.

Which areas can anticipate the biggest decline?

Here’s the list:

T10. New York City: 23 percent

T10. San Diego: 23 percent

T8. Oakland, Calif.: 25 percent

T8. Las Vegas: 25 percent

6. Phoenix: 27 percent

5. Los Angeles: 29 percent

4. Tampa: 36 percent

3. Jacksonville: 39 percent

2. Miami: 53 percent

1. Orlando: 48 percent

To check out the details on why things are looking so bleak in these communities, visit Forbes.

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