24/7 Wall St.: 10 Towns that Cannot Turn Around
10 Towns that Cannot Turn Around
Since home prices peaked in the beginning of 2006, the U.S. median home price is down by a third. And though the market has begun to show signs of bottoming out, prices are still down nationally by 1.9% from last year and are expected to fall an additional 1% from the beginning of this year through 2013.
Of the 384 largest housing markets measured by real estate data company Fiserv, 69 have seen home prices fall more than the national average. 24/7 Wall St. reviewed the markets with the worst home price declines from their prerecession peak. Of those metro areas, we identified the markets where the median price did not improve in any of the periods measured by Fiserv as of the first quarter of 2012. The 10 worst are housing markets that have fallen at least 55% and have yet to recover.
24/7 Wall St. reviewed data from Fiserv to determine the 10 metropolitan areas that had no annual improvement in their housing markets from the first quarter of 2007, the first quarter of 2009 and the first quarter of 2011, all through the first quarter of 2012. 24/7 Wall St. relied on RealtyTrac for data on foreclosure rates and foreclosure sales (both for second quarter of 2012). They also obtained seasonally adjusted unemployment rates for July from the Bureau of Labor Statistics.
(Istockphoto)
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The opinions expressed are solely those of the author and do not necessarily reflect the views of Comcast.
Of the 384 largest housing markets measured by real estate data company Fiserv, 69 have seen home prices fall more than the national average. 24/7 Wall St. reviewed the markets with the worst home price declines from their prerecession peak. Of those metro areas, we identified the markets where the median price did not improve in any of the periods measured by Fiserv as of the first quarter of 2012. The 10 worst are housing markets that have fallen at least 55% and have yet to recover.
24/7 Wall St. reviewed data from Fiserv to determine the 10 metropolitan areas that had no annual improvement in their housing markets from the first quarter of 2007, the first quarter of 2009 and the first quarter of 2011, all through the first quarter of 2012. 24/7 Wall St. relied on RealtyTrac for data on foreclosure rates and foreclosure sales (both for second quarter of 2012). They also obtained seasonally adjusted unemployment rates for July from the Bureau of Labor Statistics.
(Istockphoto)
More From 24/7 Wall St.:
States Losing the Most Jobs to China
The Best Paying Jobs of the Future
America’s 10 Disappearing Jobs
The opinions expressed are solely those of the author and do not necessarily reflect the views of Comcast.
