The 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 worst housing markets
1. Las Vegas
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.