Index: New York headed for price declines

The New York metro area has about a 49 percent chance of seeing home price declines over the next two years, according to a new forecast. PMI Mortgage Insurance Company released a Market Risk Index that shows the New York region (which includes parts of northern New Jersey, not including Newark) as one of the top 15 riskiest housing markets in the nation. Long Island was the second riskiest. more [Matrix]