13 Cities Where Home Prices Have REALLY Dropped
Here is an article by Morgan Brennan of Forbes. The commom denominator in all the cities were the high foreclosure rates.
However; there is light at the end of the tunnel. Morgan states at the end of the article: There is some hope to be had by owners located in other cities across the country: the home price hemorrhages nearly every market experienced in the past several years are subsiding. Nationally, prices dropped only about 4.5% this year. Compared to the roughly 35% loss the U.S. housing market as a whole has taken since the economic downturn, this year’s drop, while agonizing, means the freefall is over. “A lot of markets are still going to have some problems economically, but overall I think in most of the country’s cities, we are seeing a bottom in home prices,” says Winzer. He cautions that a bottom in no way translates to a speedy price recovery. Rather he expects prices to hover at these lower levels for years.
I liked Morgan’s insights and started to follow her on Twitter.