Price cuts in hot markets?
From Times wire reports
Some of the nation’s hot housing markets may experience price declines as the industry returns to more sustainable levels of activity, economists predicted last month at a National Assn. of Home Builders conference in Washington, D.C.
Mark Zandi, chief economist at Moody’s Economy.com, identified these California markets with the potential for more than a 10% decline: Bakersfield, Chico, Fresno, Hanford, Los Angeles, Merced, Modesto, Napa, Oakland, Oxnard, Riverside, Sacramento, Salinas, San Diego, San Jose, San Luis, Santa Ana, Santa Barbara, Santa Cruz, Santa Rosa, Vallejo and Visalia.
