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April 26, 2009

Where home prices are dropping fastest

First American CoreLogic said last week that its calculation of single-family home prices in February shows double-digit decreases in 11 states from a year earlier.

These are the states:

Nevada: -26.65 percent

California: -26.53 percent

Arizona: -21.11 percent

Florida: -19.68 percent

Rhode Island: -19.46 percent

Washington state: -12.66 percent

Illinois: -11.90 percent

Maryland: -11.62 percent

Oregon: -11.15 percent

Massachusetts: -10.26 percent

Virginia: -10.24 percent

The company said in a press release: "Although prices declines are beginning to stabilize for the very high depreciation markets, the price trends among a next tier of states that are experiencing double digit declines is worsening." It includes Maryland in that "next tier."

You can find the price changes mapped here.

In the Baltimore metro area, meanwhile, the company says prices have dropped about 9.7 percent.

"Over one-fifth of U.S. housing wealth has vanished and home prices continue to decline. Decreases are now being driven by rising unemployment and a high volume of distressed home sales. Given that home prices are generally a lagging indicator of market health, we believe the largest declines have already taken place, but we expect home prices to continue to decline into 2010 as economic conditions and excess housing inventories dampen prices," said Mark Fleming, chief economist for First American CoreLogic.
Posted by Jamie Smith Hopkins at 9:20 AM | | Comments (2)
Categories: Housing stats


I put the MD 11% down figure to the test this week by offering $320K for a house priced at $350K in Baltimore City. (Seeking just an 8.5% discount.)

The home is a three bedroom, 1.5 bathroom house with a small den and a garage near Roland Park.

The offer was rejected.

Was my bid too low, or are the sellers chasing prices downward? Time will tell.

Vast majority are chasing the market down. I'm also looking in the same area, houses that were not sold last year are coming onto the market at the exact same asking price as last year. Have they been living under a rock? I'd say let them rot.

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About Jamie Smith Hopkins
Jamie Smith Hopkins, a Baltimore Sun reporter since 1999, writes about the regional economy. Her reporting on the housing market has won national and local awards. Hopkins is a Columbia native and has lived in Maryland all her life, save for 10 months spent covering schools in Ames, Iowa.
She trained to become a wonk by spending large chunks of time as a geek and an insufferable know-it-all.
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