Slide Show | May 2013
12 Cities Where Home Prices Have Fallen MostFollow @PatEsswein
Not all metropolitan areas in America have seen a housing rebound -- yet. These 12 cities with populations of 250,000 or more experienced drops in existing single-family home prices for the year ending March 31, 2013. But as you’ll see, signs of recovery are showing in some of these lagging markets. Prices come from Clear Capital, a provider of real estate data and analytics.
Many of these cities still have an oversupply of homes on the market and high unemployment rates. More importantly, half or more of all distressed sales (which include foreclosures as well as short sales) are bank-owned properties (REOs), according to CoreLogic's February data. Bank-owned properties sell with the greatest discount from market value, further depressing overall home prices. Another drag on a rebound: By and large, these cities haven’t attracted out-of-town real estate investors the way other cities such as Phoenix, Atlanta, and Las Vegas have.
U.S. BENCHMARK STATISTICS: One-year change in home prices: 6.8%; Median home price: $177,500; Change in price since 2006 peak: -33.8%; Unemployment rate: 7.5% (seasonally adjusted), 8.1% (non-adjusted). City-specific unemployment rates to follow are non-adjusted; Foreclosure rate: 1 in every 296 households (0.34%); Distressed sales: 23.4%
Sales, supply and other market data come from regional associations of Realtors and multiple-listing services. Foreclosure rates are from RealtyTrac. Home prices are from Clear Capital. All home price data is for existing single-family homes only. Distressed sales statistics are from CoreLogic.12 Cities Where Home Prices Have Fallen Most