Africa Studio / Shutterstock.com

Some markets need a recovery from the recovery.

Years after the end of the recession, entire metro areas still find themselves left behind by the economic recovery. Nationwide, more than one-quarter of homes lost value over the last year. In some metro areas, the drop-off has been even more severe. Some housing markets are approaching housing values not seen since the height of the housing bubble—while other housing markets badly need a recovery from the recovery.

Several metro areas saw more than one-third of their homes lose value this August compared to one year ago, according to a report from Zillow. Most of the metro areas with a high percentage of homes losing value are congregated in the Midwest and Northeast, including Cleveland (where 31.5 percent of homes dipped in value), Cincinnati (32.6 percent), Chicago (35.8 percent), Pittsburgh (37.1 percent), and New York (38.6 percent).

Three metro areas saw enormous drops in home values year over year: Washington, D.C. (41.2 percent), Philadelphia (43.4 percent), and above all, Baltimore (48.1 percent).

There are clear winners and losers in the recovery. Dallas–Fort Worth (where only 4 percent of homes lost their values), San Francisco (5.2 percent), and Denver (a mere 1.5 percent) won gold. Seattle, San Jose, and Portland, Oregon, were also markets that didn’t see much slippage.

More than most, the D.C. and New York housing markets look striped: These metro areas have pockets of incredible wealth and growth, but also areas marked by severe disparity and decline.

In terms of housing, the recovery looks a lot like sorting. In major metro areas in Texas and California, the recession is most definitely over—it’s like it never happened! For other markets, the recovery has either wound down or has yet to truly arrive. Renters may have a clearer shot at homeownership in cities where housing values are low or falling. But can they find any work?

Top photo: Africa Studio / Shutterstock.com

About the Author

Most Popular

  1. A sign outside a storefront in Buffalo, New York.
    Environment

    Will Buffalo Become a Climate Change Haven?

    The Western New York city possesses a distinct mix of weather, geography, and infrastructure that could make it a potential climate haven. But for whom?

  2. photo: A vacant home in Oakland that is about to demolished for an apartment complex.
    Equity

    Fix California's Housing Crisis, Activists Say. But Which One?

    As a controversy over unoccupied homes in the Bay Area and Los Angeles reveals, advocates disagree about what kind of housing should be built, and where.

  3. photo: a high-speed train in Switzerland
    Transportation

    The Case for Portland-to-Vancouver High-Speed Rail

    At the Cascadia Rail Summit outside Seattle, a fledgling scheme to bring high-speed rail from Portland to Vancouver found an enthusiastic reception.

  4. photo: a woman on an electric scooter
    Transportation

    Most Electric Scooter Riders Are Men. Here's Why.

    Most users of micromobility devices like dockless scooters and e-bikes are young men. Fixing that gender gap may take more than just adding safety features.

  5. A syringe sits on top of a car. Houses are behind it.
    Life

    The Changing Geography of the Opioid Crisis

    A new study shows that the country faces different opioid challenges in urban and rural areas.

×