Beyond the Recession: The Great Housing Rebalance, Bruce Katz, Director, Brookings Metropolitan Policy Program, April 13, 2011
“Since the peak of the housing bubble, home prices across the nation have fallen by an average of 18.5 percent, a trend that has continued through the fourth quarter of 2010. The 100 largest metros have fared, on average, even worse, with home prices decreasing by 23.6 percent from peak value in 2006. But the impact of the housing crisis has not been uniform. Some states, such as Texas, have weathered the housing crisis better than others, and some of its metro areas have recently even seen growth in home prices. Others, like Florida, California, Arizona, and Nevada, continue to be the hardest hit areas, with home values declining by over 50 percent in some metro areas since the housing crisis began. Michigans large metros were almost as hard hit by the housing downturn as many of the Sun Belt metros. In the Detroit Metro area, home prices have fallen by 42 percent from peak value in 2005, and have continued to decline through the fourth quarter of 2010. Grand Rapids has also experienced a steep decrease in home values, declining across the metro by 26 percent since 2005.”
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