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PMI Risk Index Moves Higher; Risk of Home Price Declines Increases as Labor Market Remains Tepid.

Publication: Business Wire
Publication Date: 03-NOV-03 		Format: Online
Delivery: Immediate Online Access

Article Excerpt
Business Editors

WALNUT CREEK, Calif.--(BUSINESS WIRE)--Nov. 3, 2003

The PMI Risk Index released by PMI Mortgage Insurance Co. (PMI) trended slightly higher, continuing to indicate a moderate likelihood of a near-term decline in home prices.

As of October 2003, the average PMI Risk Index value of the 50 largest metropolitan statistical areas (MSA) is 162, implying the group of 50 MSAs has on average a 16.2% probability of experiencing a home price decline within the next two years.

PMI uses the PMI Risk Index in part to assess and manage risk levels in its own mortgage insurance portfolio.

PMI analysts reported that the increase in the Risk Index is largely the result of slowing home-price appreciation rates, the sluggish economy and weak labor markets in various industries around the country, particularly in both the high-tech and manufacturing sectors. PMI analysts...

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