Biggest Housing Price Drops
The biggest housing drops during the financial crisis and mortgage meltdown are well documented. Regions like Las Vegas and Florida that built up in a frenzy saw their home prices collapse just as fast in 2009 and 2010.
But what about now that the dust has (mostly) settled? Well, if you explore the metro areas losing ground fastest you’ll see a weird list of cities stuck in very different locations
First up is Kingston, N.Y., which has shed -22.0% in the last year according to the NAR. It’s not one of those Long Island enclaves though – Kingston is about halfway between Albany and New York City. Maybe the pain in state government coupled with the pain in New York’s financial sector has resulted in less need for an ultra-long commute? The median price is still a decent $156,800, however.
Here’s the rest of the list:
2. Bridgeport-Stamford-Norwalk, Conn.: -18.0% year-over-year decline (median price of $334,000)
3. Mobile, Ala.: -14.7% year-over-year decline (median price of $91,200)
4. Atlanta-Sandy Springs-Marietta, Ga.: -12.0% year-over-year decline (median price of $87,800)
5. Rockford, Ill.: -11.7% year-over-year decline (median price of $79,500)