The rolling real estate crash that ravaged Florida and the Southwest is delivering a new wave of distress to communities once thought to be immune — economically diversified cities where the boom was relatively restrained.Read the complete article here.
In the last year, home prices in Seattle had a bigger decline than in Las Vegas. Minneapolis dropped more than Miami, and Atlanta fared worse than Phoenix.*** The fact that even a fairly prosperous area like Seattle was ensnared in the downturn shows just how much of a national phenomenon the crash has been. The slump began when the low-quality loans that drove the latter stage of the boom began to go bad, but the resulting recession greatly enlarged the crisis. Many people could not get a mortgage, and others simply gave up the hunt.
Now, though the overall economy seems to be mending, housing remains stubbornly weak.
Correcting misconceptions about markets, economics, asset prices, derivatives, equities, debt and finance
Monday, February 14, 2011
US Home Price Decline Spreads To Stable Markets
Posted By Milton Recht
From The New York Times article, "Housing Crash Is Hitting Cities Thought to Be Stable" by David Streitfeld:
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