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. Transportation

    With Trains Like Schwebebahn, No Wonder Germans Love Public Transit

    Infrastructure like this makes it clear why Germany continues to produce enthusiasm for public transit, generation after generation.

  2. Transportation

    You Can’t Design Bike-Friendly Cities Without Considering Race and Class

    Bike equity is a powerful tool for reducing inequality. Too often, cycling infrastructure is tailored only to wealthy white cyclists.

  3. A photo of a new car dealership
    Transportation

    Subprime Auto Loans Are Turning Car Ownership Into a Trap

    A record 7 million Americans are three months late on their car payments, revealing what could be cracks in the U.S. economy.

  4. Amazon HQ2

    Without Amazon HQ2, What Happens to Housing in Queens?

    The arrival of the tech company’s new headquarters was set to shake up the borough’s real estate market, driving up rents and spurring displacement. Now what?

  5. Amazon HQ2

    New York’s Ejection of Amazon Is the Start of a Movement

    NYC lawmakers who led a resistance campaign against HQ2 are declaring victory. And already, they have plans to escalate their opposition to tax incentives.