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California leads the real estate value decline

All the data appears to be in, and we can now say with authority that the state with the biggest decline in real estate values for 2008 was….

(Drum roll, please….)

CALIFORNIA!

That’s right, California was the big winner (actually, loser) in the real estate downturn sweepstakes, losing 26.9 percent of its real estate value during the year. Next was Nevada, with a 22.8 percent value drop, followed by Arizona (19 percent) and then (ahem) Florida, with an 18.2 percent drop.

Values actually dropped in 35 states during 2008.

That’s the story for 2008, but what about the total drop in values since, say, the peak of real estate value in July 2006? California still leads the way with a 42 percent decline. Nevada protected its second place position with a 39 percent decline. Arizona and Florida are tied for third place at 33 percent.

If you want to look at actual metro markets rather than states, we see nine California markets leading the list, but then Miami-Dade in Florida captures the 10th spot.

Did any market actually gain value during 2008? Actually, several did. If you live in Binghampton, N.Y., you live in a place where real estate actually appreciated by 7.78%. Plattsburgh, N.Y., Cedar Rapids, Iowa, Rocky Mount, N.C., Auburn, N.Y. and Florence-Mussel Shoals, AL also did pretty well.

This data comes from First American CoreLogic, which follows real estate values across the country.

Tags: california, real estate, values

This entry was posted on Wednesday, January 28th, 2009 at 12:39 pm and is filed under Florida, Palm Harbor, home values. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.

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