Where home prices are dropping fastest
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.