Cities where home prices fell most
The housing market may be recovering, but home prices in these 12 cities plummeted last year.
Kiplinger looked at sales, unemployment and foreclosure rates to determine which cities of more than 500,000 people suffered the biggest drop in home prices in the year that ended Sept. 30, 2012. Here are the 12 worst.
Kiplinger looked at sales, unemployment and foreclosure rates to determine which cities of more than 500,000 people suffered the biggest drop in home prices in the year that ended Sept. 30, 2012. Here are the 12 worst.
12. Portland, Maine -- One-year change in home prices: -2.3%
Median home price: $161,900
Change in price since peak: -33.9%
Unemployment rate: 5.7%
Foreclosure rate: 1 in every 3,270 households (0.03%)
11. Philadelphia -- One-year change in home prices: -2.3%
Median home price: $234,000
Change in price since peak: -23.6%
Unemployment rate: 8.4%
Foreclosure rate: 1 in every 690 households (0.15%)
10. Toledo, Ohio -- One-year change in home prices: -2.7%
Median home price: $65,000
Change in price since peak: -55.9%
Unemployment rate: 7.2%
Foreclosure rate: 1 in every 295 households (0.34%)
9. Knoxville, Tenn. -- One-year change in home prices: -2.7%
Median home price: $129,900
Change in price since peak: -18.9%
Unemployment rate: 6.1%
Foreclosure rate: 1 in every 1,417 (0.07%)
8. Omaha, Neb. -- One-year change in home prices: -4.5%
Median home price: $136,000
Change in price since peak: -10.8%
Unemployment rate: 3.8%
Foreclosure rate: 1 in every 1,417 households (0.07%)
7. Memphis, Tenn. -- One-year change in home prices: -5.2%
Median home price: $89,000
Change in price since peak: -44.5%
Unemployment rate: 8.4%
Foreclosure rate: 1 in every 935 households (0.11%)
6. Greensboro, N.C. -- One-year change in home prices: -5.2%
Median home price: $80,000
Change in price since peak: -22.5%
Unemployment rate: 9.3%
Foreclosure rate: 1 in every 996 households (0.10%)
5. Scranton-Wilkes Barre, Pa. -- One-year change in home prices: -5.4%
Median home price: $84,750
Change in price since peak: -15.7%
Unemployment rate: 8.9%
Foreclosure rate: 1 in 4,283 (0.02%)
4. Baton Rouge, La. -- One-year change in home prices: -6.6%
Median home price: $133,000
Change in price since peak: -13.3%
Unemployment rate: 6.2%
Foreclosure rate: 1 in every 1,073 households (0.09%)
3. Springfield, Mass. -- One-year change in home prices: -6.6%
Median home price: $180,000
Change in price since peak: -23.5%
Unemployment rate: 7.5%
Foreclosure rate: 1 in every 771 households (0.13%)
2. Columbia, S.C. -- One-year change in home prices: -7.8%
Median home price: $118,000
Change in price since peak: -23.8%
Unemployment rate: 7.4%
Foreclosure rate: 1 in every 786 households (0.13%)
1. Louisville, Ky. -- One-year change in home prices: -10.7%
Median home price: $105,950
Change in price since peak: -26.7%
Unemployment rate (natl. avg. is 7.7%): 7.6%
Foreclosure rate (natl. avg. is 0.40%): 1 in every 448 households (0.22%)
