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Forbes Lists Cities With Biggest Price Drops

Bostonians will be happy to know that real estate values in the Northeast have been the strong compared to  nationwide numbers during the recent recession. According to a study by Local Market Monitor for Forbes magazine, housing markets on the West Coast lost the lost value on average (- 21.6 percent) since their peak. Florida lost 31 percent, the Northeast lost an average of 8.6 percent, and the Midwest an average of 5.6 percent (though as you will see below, the home values in some Midwestern cities were decimated by high unemployment). Here are the top five cities in each region that lost the most value (notice that Boston, Cambridge, Brookline and Newton are not on the list!):

West:

  1. 1. Merced, Calif.:  -62.11%
  2. 2. Stockton, Cali.: -54.29%
  3. 3. Modesto, Calif.: -52.42%
  4. 4. Vallejo-Fairfield, Calif:. -47.62%
  5. 5. Las Vegas-Paradis, Nev.: -47.53%

South

  1. 1. Port St. Lucie, Fla.: -46.43%
  2. 2. Cape Coral-Fort-Myers, Fla.: -46.38%
  3. 3. Naples-Marco Island, Fla.: -43.63%
  4. 4. Bradenton-Sarasota-Venice, Fla.: -41.52%
  5. 5. Fort Lauderdale-Pompano Beach-Deerfield Beach, Fla.: -39.93%

Midwest

  1. 1. Detroit-Livonia, Mich.: -30.66%
  2. 2. Warren-Troy-Farmington Hills, Mich.: -27.95%
  3. 3. Flint, Mich.:-27.47%
  4. 4. Ann Arbor, Mich.: -20.37%
  5. 5. Jackson, Mich.: -17.30%

Northeast

  1. 1. Providence-New Bedford, R.I.: -17.30%
  2. 2. Worcester, Mass.: -16.17%
  3. 3. Atlantic City, N.J.: -16.15%
  4. 4. Poughkeepsie-Newburgh, N.Y.: -14.60%
  5. 5. Barnstable Township, Mass.: -14.48%

Source: Forbes, Francesca, Levy (12/21/2009)

One thought on “Forbes Lists Cities With Biggest Price Drops

  1. Jeff Persons says:

    It doesn’t surprise me that Boston Real Estate prices are holding firm.

    We have the best hospitals in the WORLD.

    Beth Israel alone employs 15,000 workers.

    We have the best schools in the WORLD.

    Harvard, MIT, BU etc.

    This isn’t all, the is the Biomedical, Financial, High Tech and other business reasons to be in Boston. This last is an area of attraction to the Boston area I am researching now as I have some low spots in that particular knowledge base (aka ignorance)

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