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!
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.
The Christian Science Monitor has assembled a diverse group of the best economy-related bloggers out there. Our guest bloggers are not employed or directed by the Monitor and the views expressed are the bloggers' own, as is responsibility for the content of their blogs. To contact us about a blogger, click here. To add or view a comment on a guest blog, please go to the blogger's own site by clicking on the link above.