Friday, February 18, 2011

Housing Crash Is Hitting Cities Once Thought to Be Stable

SEATTLE — Few believed the housing market here would ever collapse. Now they wonder if it will ever stop slumping.

In the last year, home prices in Seattle had a bigger decline than in Las Vegas. Minneapolis dropped more than Miami, and Atlanta fared worse than Phoenix.

The bubble markets, where builders, buyers and banks ran wild, began falling first, economists say, so they are close to the end of the cycle and in some cases on their way back up. Nearly everyone else still has another season of pain. Read more