Declining for a decade: Detroit, Atlanta, Cleveland and Las Vegas
These markets are seeing their lowest home prices in ten years.
These are troubled times indeed… particularly for four regional housing markets where prices have literally fallen off the charts!Skip to next paragraph
Writer, The PaperEconomy Blog
'SoldAtTheTop' is not a pessimist by nature but a true skeptic and realist who prefers solid and sustained evidence of fundamental economic recovery to 'Goldilocks,' 'Green Shoots,' 'Mustard Seeds,' and wholesale speculation.
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Worse yet, the situation appears to be getting worse with 47% of Detroit homes “under water”, unemployment continuing to rise in Cleveland, Foreclosures hitting a new record in Atlanta and home sales on the decline in Las Vegas.
What is playing out for these markets may very well be a harbinger for what is to come for many markets around the nation.
While these hard hit markets are experiencing conditions that are currently more severe than most markets, the fundamental factors playing out are essentially endemic to the nation as a whole.
It’s important to recognize that less than twelve months ago only Detroit saw prices hitting a low for the decade.
Now, we have four, more or less, spatially separated regional markets down at decade lows and a few more (Chicago, Phoenix, Sacramento) in the pipeline.
See first chart above, rest here.
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