What areas (of the US) have had the biggest decline in housing prices?
I understand that not the whole country was affected, is that correct? Which area(s) were affected the most?
- enoriverbendLv 61 decade agoFavorite Answer
You are correct.
The biggest declines have come in the same areas that had the greatest price rises (i.e., a bubble) in the past few years before the real estate crash, with the addition of Detroit. Chief among these are California, Las Vegas NV, and Florida. Areas that showed very little decline include areas like Charlotte NC, which didn't participate in a real bubble.
Detroit is a special case because it is the only area severely affected by the housing price decline that did not have a preceding boom/bubble. This is because of poor local economic conditions in Detroit.
- Diane WLv 61 decade ago
Example, in Michigan my daughter and hubby purchased great condo in well to do suburb of Detroit five years ago. Purchase price $ 178,000.
Current value $ 98,000. How is that for a great investment...