By Syantani Chatterjee

LOS ANGELES (Reuters) - California and Florida cities top the list of those under the risk of future plummeting home prices in the next two years, a report said Wednesday.

According to the PMI Fall 2008 U.S. Market Risk IndexSM, 17 of the top 50 metropolitan housing markets ranked in the highest-risk category were in California, Florida, Nevada and Arizona. These markets experienced an unprecedented boost in prices during the housing boom, and were consequently worst hit by the mortgage crisis.

Increases in foreclosure and unemployment rates have intensified the risk of home prices dwindling further, economists at PMI said .

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