Slide Show | May 2009

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TEN CITIES WHERE HOME PRICES HAVE PLUMMETED

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It's no surprise that the cities that saw the sharpest real estate price hikes before 2007 are now seeing the steepest dips in median home values. Tourist and second-home hot spots have been hit especially hard. Since the housing bubble burst, these cities have seen a big increase in home sales, largely in the foreclosure and short-sale markets.
The influx of distressed homes on the market has lured many first-time buyers, but it's also further dragged down median prices, which dipped almost 20% nationwide in 2008. Keep in mind, though, that if you've always wanted to own prime real estate in one of these metro areas, now's the time to shop. Take a look at the ten cities that saw the sharpest drops in home values last year. Change in median home price is from the fourth quarter of 2007 to the fourth quarter of 2008, which is the most recent data from Fiserv Lending Solutions, a home-price research company. The slide show navigation begins to the right.

By Louis Jones

TEN CITIES WHERE HOME PRICES HAVE PLUMMETED
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