Value Adjustments

Daily Real Estate News February 13, 2008

Cities Where Values Have Fallen the Most

While resetting rates are causing some foreclosures, falling home prices are also playing a big part in the real estate malaise.Home owners who owe thousands more on their homes than they are currently worth find themselves unable to refinance and unable to sell at a price that will come close to covering what they owe on the mortgage.However, according to ZipRealty, a real estate tracking firm that aggregates multiple listing service data, the decline may be reaching bottom with inventories starting to decline nationwide. Even in Sacramento and Las Vegas, inventory numbers have started to fall, if only marginally, ZipRealty says.The following are the top 10 cities where prices have fallen the most in the last year, according to ZipRealty.
Sacramento, Calif.: - 18.5 percent
Las Vegas: - 17.2 percent
San Diego: - 17.1 percent
Tampa, Fla.: - 11.7 percent
Los Angeles: - 10.7 percent
Miami: - 10.6 percent
Phoenix: - 9.5 percent
Jacksonville, Fla.: - 8.7 percent
Detroit: - 7.7 percent
Atlanta: - 7.1 percent

Source: Forbes, Matt Woolsey (02/12/08)