Top 10 US metro areas with steepest home-price cuts in 2011
Michigan and the Southeast markets dominate the list
By Inman News, Thursday, January 19, 2012.
Price cut image via Shutterstock.com.Editor's note: This list, based on data compiled by Zillow, represents the top 10 metro areas ranked by steepest year-over-year percentage drop in average listing price during 2011 compared to the previous year. Median home values listed in the charts are based on the Zillow Home Value Index.
Metro areas in Michigan and the Southeast experienced the most substantial cuts in for-sale home prices listed on Zillow.com in 2011 compared to 2010. Flint, Mich., and Detroit topped the list at No. 1 and No. 2, respectively, experiencing 13.21 percent and 12 percent price drops on average home listing prices, respectively.
The rest of the top 10 spanned from No. 3 Bakersfield, Calif., with a 9.85 percent price drop in listing price, to No. 10 Gainesville, Ga., at a 9.6 percent drop.
Following the most recent housing market turmoil geographic trends, all of the top 10 metro areas were clustered in north-central Florida, Georgia, Michigan and California.
The Interstate 75 corridor cuts through or near most of the markets on the list, including: Lakeland, Fla.; Ocala, Fla.; Macon, Ga.; Atlanta; and Gainesville, Ga., in the Southeast, and Detroit; Flint, Mich.; and Lansing, Mich., in Michigan. Bakersfield, Calif., and Madera, Calif., in Calfornia's Central Valley, are the exceptions.
Lansing, Mich., at No. 9, was the metro with the lowest average listing price in the top 10, at $56,600. No. 7 Macon, Ga., was not far behind with $57,000. Bakersfield, Calif., at No. 3, had the highest average listing price at $130,300, followed closely by Gainesville, Ga., at $124,500.
Metro: Flint, Mich.
| Median Home Value | N/A |
| Year-over-year Listing Price Change | -13.21% |
Downtown Flint, Mich. Flickr/Michigan Municipal League
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Submitted by Ron Taylor on January 24, 2012 - 2:05pm.
The elections are about 10 months off and we already are hearing all the promises from both parties. Rather than addresses his first three years in office, Democrat strategist are saying he will blame Congress, viz., the Republicans, for all the nations problems in his efforts to get re-elected. But is he forgetting that he had full control of both houses of Congress for the first two years and never even proposed a budget.
As an auctioneer of real estate, both residential and commercial, I am very concerned about 2012. The banks are still not lending, and foreclosures are continuing at a steady pace. The national media would tell us that foreclosures are decreasing but the truth is the banks are slowing down their foreclosure process. They would rather have the homeowner stay in the home and make no payments than to have some Wall Street Occupier move in and trash it. It's like saying the unemployment rate is decreasing when the truth is, many Americans have simply given up looking for a job.
This nation is on the brink of collapse both financially, economically and socially, via class warfare. (The have not's versus the haves.) Capitalism is trying to be replaced with Marxist Socialism. More and more people are depending on the government to look after them. Where has the spirit of "Life, Liberty and the Pursuit of Happiness" gone?
Do you know what the price per gallon of gas was on the day Obama took office? Do you know what the unemployment rate was? How many people were on food stamps? What our national debt was? I simply ask you," Are you better off today than you were three years ago?
When I showed these figures to a young Democrat friend and asked him who he was going to vote for, he answered, "Anybody but Obama."
Ron Taylor, AARE<><
President/Broker/Auctioneer
The Restorer, Inc.
D/B/A Taylor and Sons Real Estate & Auctioneers
252-257-4822 (Office)
252-257-5823 (Fax)
www.canSellnow.com