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).