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Home Prices Hit Rock Bottom

Currently, only 3 cities in the United States–New York City, Washington, and Portland Oregon have had a (small) rise in housing prices. Inversely, 20 U.S. cities have had declining property values almost 4% from 2010.

What factors have influenced this? A nationwide unemployment rate of 9%, tight loan restrictions, and more and more foreclosed and forgotten properties are basically dragging down the real estate market even further–it’s been a steady and significant decline since 2008, in fact.

The Atlanta movers have learned from Bloomberg that Atlanta, Las Vegas and Phoenix are now at new home price lows. The article actually says that Atlanta has had the most significant drops over the year, dropping almost 10%. As for the biggest year-over-year increase? Detroit, surprisingly.

 

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