Real Estate Journal

If you’re a real estate agent or broker in the US, then I guess you know what’s happening. 14 major cities has posted double-digit lows for single-family home values, according to Standard & Poor’s/Case-Shiller Home Price Indices. It’s going to get worse as the home-values have been down 12% since December and a prediction that it’ll go down to 10% by the end of the year.

The biggest culprit for this downturn: rampant speculation on property values during the past several years. “The areas that have seen a huge amount of speculation…are the ones that got nailed,” says Blitzer. “The farther up prices went the farther down they’ve come.”

Listed below is the five most hard hit cities:

1. Las Vegas

2. Miami

3. Phoenix

4. Los Angeles

5. San Diego

Source