Market Watch Monday- New York #1

newyork1housingThe latest S&P/Case-Shiller 20-city home price index shows a record 18.5% drop from the previous year. Is your city in the pits or relatively stable?

5 best housing markets
1. New York
2. Washington, D.C.
3. Charlotte, N.C.
4. Portland, Ore.
5. San Diego

5 worst housing markets

1. Las Vegas
2. Phoenix
3. Detroit
4. Minneapolis
5. San Francisco
According to Forbes, to rule out places in complete depression, we looked at how many months of equity homeowners have lost. Places like Detroit (-2.98%) and Cleveland (-2.07%) haven’t declined as quickly over the last month as Seattle (-3.63%) or Charlotte, N.C. (-2.55%), but that’s because prices in those two Rust Belt cities are so depressed it’s difficult for them to fall any further. Detroit and Cleveland homeowners have lost 141 and 92 months of equity, respectively, whereas Seattle and Charlotte prices have declined only for the last 39 and 33 months, respectively.

Then again, even in a boom-bust capital like Los Angeles, if you bought in 2000, paid your mortgage on time and are still in your home, you’ve seen a 71.5% price appreciation. There’s something to be said for that kind of responsible, long-term investor.

By Matt Woolsey, Forbes.com For the whole story visit here.

Advertisements

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s