Real Estate 2010

MONEY Magazine: Latest forecasts and projections for the nation's largest metro areas.

1. Hanford, CA

Home price forecast (1 year):* -25.9%

Hanford is a small city in the Golden State's San Joaquin Valley where residential real estate prices soared during the bubble and crashed after it burst. It's a major trade center for the surrounding farms and one of the richest agricultural areas in the nation.

Jobs have taken a pummeling here with the unemployment rate soaring to more than 17%, nearly twice the national average. Home prices fell more than 10% in 2009, but that was just a minor rumbling compared with the trembler to come: A 26% drop is predicted for 2010. --Les Christie

Is this a good time to buy a home in Hanford?

City stats^†
Population: (2006)	146,153
Median family income: (2008)	$50,100
Home price data
Median home price: (2009)	$174,000
Affordability index: (Median home price/family income 2009)	3.5
Prices peaked in:	2006:Q2
Total climb during the boom: (2000 to peak)	154.7%
Total decline so far: (Peak through 2009)	-39.6%
One-year change: (Q4 2008 to Q4 2009)	-10.4%
Forecast
Additional price change to bottom:	-30.9%
When they'll hit bottom:	2011:Q1

*(Q1 2010 - Q1 2011)
† Data is for Hanford-Corcoran, CA Metropolitan Statistical Area
Notes:
Median home prices are for single-family homes through the third quarter of 2009, the most recent data available, and include sales of bank-owned properties.
Sources: Fiserv and Moody's Economy.com

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