One school of thought on the cooling real estate market is that only those cities that have experienced rapid price escalation are likely to feel significant pain on the way down. A recent forecast from Fiserv Lending Solutions calls for median prices to slip in such hotspots as New York, Phoenix and Los Angeles while seeing upside in unsexy secondary markets like Rochester, NY, Memphis, TN and Portland, ME. As we’ve discussed before, though, within the prediction for an overall drop of 2.3% in New York City there’s lots of room for divergence on a neighborhood and property-type basis.
Hot Home Markets to Cool Down [CNN Money]