PMI Says Risk of Home Prices Heading Lower Diminished Slightly

PMI Says Risk of Home Prices Heading Lower Diminished Slightly

The chances of home prices falling further lessened in the first quarter of 2010 compared to the previous quarter, according to a new study from mortgage insurer the PMI Group.

The company’s U.S. Market Risk Index – which assesses the probability (ranging from zero to 100) that the price of homes in a given metro area will be lower at the end of the next two years – dropped to 51.9 from 53.8.

It was the third consecutive quarterly decrease in the overall reading, and PMI says it signals “continued improvement in the housing market.”

However, the company noted that there were fewer metropolitan statistical areas (MSAs) with lower risk scores compared with the previous quarter…

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