The poor get poorerby
Isn’t it always the way? In most parts of the country, folks at the bottom are seeing the biggest declines in home prices, according to a new analysis by Zillow.com. People with more expensive homes are faring a little better. The pattern is particularly obvious in California.
Here are some examples of how prices in the bottom fifth and the top fifth of homes in various markets have done over the past year.
Los Angeles bottom -14.2% top -4.1%
Sacramento bottom -29% top -13.5%
San Diego bottom -20.1% top -5.1%
San Francisco bottom -19.6% top +2.8%
San Jose bottom -8.3% top +11.6%
Boston bottom -11.5% top -4.7%
New York bottom -5% top -4.1%
Washington bottom -7.1% top +2.4%
Miami bottom -19.6% top -14.8%
There are a few important exceptions to the pattern, where the houses at the top lost more value:
Chicago bottom -2.2% top -8.3%
Orlando bottom -11.3% top -11.7%
Phoenix bottom -12.2% top -13.7%
Ironically, for the country as a whole, the top has done worse than the bottom:
U.S. bottom -0.7% top -7.5%
But that statistic is misleading. It reflects the fact that the housing bubble was most inflated in expensive states like California, and least problematic in cheap states like Texas.
For more data, click here and then click on home value bands.