Friday
April 18, 2014

7 Housing Markets Still Waiting for a Turn Around

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7 Housing Markets Still Waiting for a Turn Around

Cities around the country are reporting a housing market pick up, but some housing markets continue to wait for signs of a turnaround. 

Fiserv, a real estate data company, evaluated 384 of the largest housing markets and found some housing markets still face high unemployment and foreclosure rates that are preventing housing their markets from posting stronger signs of recovery. Many of the real estate markets are located in California.

However, analysts are optimistic that these real estate markets will turn around soon, noting that the drop in home prices has slowed in many of these places. The add that buyers are targeting these areas for big bargains, and predict increases more than the national average in the next two years for these areas. 

24/7 Wall St. recently listed the following seven metro areas, which posted no annual improvements in their housing markets from the first quarter of 2007 through the first quarter of 2012. 

  1. Merced, Calif.
    • Decline in home prices (from the peak to first quarter of 2012): -69.7%
    • Median home price: $110,000 (32nd lowest)
  2. Modesto, Calif.
    • Decline in home prices (from the peak to first quarter of 2012): -64%
    • Median home price: $139,000 (83rd lowest)
  3. Stockton, Calif.
    • Decline in home prices (from the peak to first quarter of 2012): -62.8%
    • Median home price: $170,000 (76th highest)
  4. Las Vegas-Paradise, Nev.
    • Decline in home prices (from the peak to first quarter of 2012): -61.6%
    • Median home price: $137,000 (79th lowest)
  5. Vallejo-Fairfield, Calif.
    • Decline in home prices (from the peak to first quarter of 2012): -60.1%
    • Median home price: $200,000 (47th highest)
  6. Bakersfield-Delano, Calif.
    • Decline in home prices (from the peak to first quarter of 2012): -58.3%
    • Median home price: $121,000 (46th lowest)
  7. Riverside-San Bernardino-Ontario, Calif.
    • Decline in home prices (from the peak to first quarter of 2012): -56.3%
    • Median home price: $180,000 (65th highest)

Source: “10 Towns That Cannot Turn Around,” 24/7 Wall St. (Sept. 11, 2012)