'Fortune' rankings see very low odds for Santa Fe home prices to drop
May 24—Will Santa Fe home prices collapse soon?
Don't bet on it, say Fortune magazine and real estate research firm CoreLogic.
CoreLogic's assessment for Fortune of the nation's 392 largest U.S. regional housing markets determined Santa Fe had a very low chance of a housing "price dip," or less than 20 percent.
Fortune.com published the findings May 20 in an article headlined "the odds of a home price correction just spiked."
CoreLogic determined only four markets had a very high or higher than 70 percent of a housing bubble burst: Bend, Ore.; Prescott, Ariz.; Lake Havasu City, Ariz.; and Bridgeport, Conn.
But Santa Fe, Albuquerque, Las Cruces, El Paso and the greater Denver region all fall in the very low categories, the lowest of five categories.
Most of the country has a low or very low chance of housing price corrections in the next year. The Pacific Northwest stands out as the only larger region with a high chance of falling home prices. New England and pockets of rural California have medium chances, with a few metros in Pennsylvania and New Jersey ranked high.
Fortune reported 144 housing markets ranked very low; 177 housing markets were ranked low, 44 markets were deemed medium risk, with 22 markets at high and four at very high.
With rising mortgage rates, the national housing market has slowed down, Fortune acknowledged.
"However, that's a deceleration — meaning prices are going up at a more modest rate — not a price correction," the magazine reported.
