Expected price drop:
-16.6 percent Median family income:
$62,800 (137th highest) Unemployment rate:
10.5 percent Median home price:
$225,000 (40th highest) Projected to hit lowest level:
Like much of southwest Florida, Naples was one of the fastest-growing communities in the country as it prepared for the millions of baby boomers on the cusp of retirement. When the housing bubble burst, however, the thousands of construction projects for condominiums and retirement communities were halted or lost money, and home values plummeted. From peak home value in 2006, prices dropped by 55 percent. They are expected to keep falling through next year more than any major city in the country. By Q1 2012, home values will drop an additional 16.6 percent, or nearly $40,000.
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