According to data released this morning by Standard & Poor’s/Case Shiller, home prices in the U.S. hit new lows in February, and 20 cities recorded a decline of 3.5% from 12 months earlier.
According to the S&P/Case-Shiller report, the Top Five worst housing markets are:
- Las Vegas
While Detroit may suffer with the lowest housing prices, the worst hit city over the last one-year period was Atlanta, Georgia. Home prices fell nearly 15% from last year, and 2% between February and March, alone according to BusinessInsider. Meanwhile, both Detroit (+1.7%) and Phoenix (+1.3%) showed gains in housing prices.
The Atlanta housing market has shown a stubborn resistance to improvement, with several factors considered the causes. First, overbuilding on a large scale has left the market with extremely excessive inventories. A 2009 report showed the state with 149,000 unfinished lots in 28 counties.
At the same time, financing options have been greatly reduced, as more banks have failed in Georgia than in any other state, including California and Florida, states with significant real estate problems of their own.
The one-two punch has put the city in a situation where housing prices have fallen nearly 20% just in the last 6 months, leaving Georgians with a lot of concern on their minds.